States Account for 48% of Nigeria's Public Spending

Abubakar Bagudu, the Minister of Budget and Economic Planning, stated that states account for 48% of Nigeria's total public expenditure, underscoring the necessity for enhanced coordination among federal, state, and local governments to meet the country's economic development goals. In a statement issued on Monday, Bagudu reaffirmed the federal government's commitment to achieving a $1 trillion economy by 2030, with a target of sustaining a 7% annual economic growth rate.

He noted that the National Economic Council has identified several key policy priorities aimed at accelerating national development, including improving coordination among government tiers and increasing investment security. Dr. Dori Uzoka Anit, the newly appointed Minister of State for Budget and Economic Planning, emphasized the critical role of the private sector in driving 95% of Nigeria's economic development.

Bagudu also mentioned ongoing efforts to strengthen Nigeria's bilateral relations with China, focusing on economic development partnerships.