Budget Minister Bagudu Calls for Rethink on Nigeria's Budget

Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, expressed concerns that Nigeria's national budget is too small to achieve the desired level of development for the country and its citizens. Speaking at the 2026 Senate Press Corps Workshop in Abuja, he emphasized the need for a fundamental rethinking of the budgeting process.

He noted that Nigeria has the smallest national budget among the world's ten most populous countries and warned that without a larger fiscal capacity, the country cannot expect to achieve comparable development outcomes to those of nations with more substantial budgets. Bagudu highlighted the necessity for Nigerians to understand the fiscal limitations and support difficult decisions to expand government revenue and borrowing capacity.

He reiterated that the Federal Government's goal of establishing a $1 trillion economy is intrinsically linked to the size and structure of the national budget. He called on the media to play a more active role in explaining Nigeria's fiscal situation to the public.