Nigeria’s federal government is making significant strides toward economic transformation by channeling trillions of naira into key sectors to promote growth, food security, and industrial capacity. Atiku Bagudu, the Minister of Budget and Economic Planning, emphasized the administration’s commitment to long-term stability, citing tough decisions such as the removal of fuel and electricity subsidies. He compared Nigeria’s reforms to Saudi Arabia’s nine-year journey, noting Nigeria’s approach is even more ambitious due to the complexities of a democratic system.
The government’s reforms are notably focused on agriculture, industry, and infrastructure. Bagudu highlighted the injection of N1.5 trillion into the Bank of Agriculture (BOA) to support farmers and agribusinesses, while N500 billion is being allocated to the Bank of Industry (BOI) to boost manufacturing. Furthermore, the solid minerals sector is receiving a N1 trillion boost to unlock its revenue potential, positioning it as a key contributor to the nation’s economy. Signs of progress are already visible, with improvements in security, agricultural output, and a decline in food inflation.
The administration is also focusing on cleaner, more affordable energy solutions. A significant investment in compressed natural gas (CNG) initiatives, such as CNG-powered water pumps, is part of the effort to reduce Nigeria’s dependence on imported fuel and promote sustainable energy alternatives. These measures are aligned with broader economic strategies aimed at increasing the country’s revenue base and ensuring fiscal sustainability. Bagudu emphasized that rather than focusing solely on debt repayment, rapid economic expansion will increase Nigeria’s revenue-to-GDP ratio, providing the government with a more robust financial position.
Looking ahead, Bagudu highlighted the government’s ongoing commitment to revitalizing critical infrastructure and improving national security and public services. As work continues on the 2025 budget, the administration remains focused on creating a sustainable revenue base through strategic investments in key sectors. With these bold reforms, Nigeria aims to achieve a more resilient and prosperous economic future.
SOURCE: THE SUN