Bagudu Warns Nigeria's Economy Insufficient for Growth

Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, expressed concerns regarding Nigeria's economic capacity during a workshop in Abuja organized by the Senate Press Corps. He stated that Nigeria's economy is too small to meet its development needs, warning that it will continue to disappoint until appropriate economic choices are made.

Nigeria's national budget stands at N68.32 trillion (approximately $49 billion), the smallest among the ten most populous countries globally. Bagudu compared Nigeria's budget to Pakistan's, which is about $67 billion, but urged Nigerians to aspire to larger economies like Brazil, whose 2025 federal budget is at least 25 times Nigeria's.

He emphasized the need for greater revenue mobilization and investment to achieve the government's goal of a $1 trillion economy by 2050, which aims for a GDP per capita exceeding $30,000. Bagudu also highlighted the importance of public understanding regarding budget provisions and the role of the media in this process.