The approval of Nigeria’s 2025 budget by President Tinubu signifies a significant milestone in fiscal accountability, with Minister Abubakar Bagudu demonstrating effective leadership in navigating legislative processes. The budget aligns with national priorities, focusing on job creation and poverty reduction, while utilizing data transparency and accountability mechanisms. Significant allocations were made across key sectors, aiming to strengthen infrastructure and tackle socioeconomic challenges.
President Bola Ahmed Tinubu’s approval of the 2025 budget signifies an important advancement in Nigeria’s fiscal policy, reflecting the administration’s dedication to expedited budgetary processes. Although this approval came two months later than in 2024, the efficiency of budget proposal evaluations and legislative approvals has markedly improved recently. Minister Abubakar Bagudu exhibited remarkable fiscal leadership, successfully maneuvering the 2024 budget through legislative channels to obtain presidential approval as early as January 2024.
Abubakar Bagudu’s extensive experience, spanning roles such as special assistant to the Minister of National Planning, senator, and governor, has been pivotal in this improved budgetary process. The recently implemented 2025 budget, referred to as the “Budget of Restoration,” is now directing fiscal policies across ministries, departments, and agencies (MDAs). As the administration approaches its second anniversary, an assessment of the Ministry of Budget and Economic Planning’s performance, especially in relation to economic recovery and poverty reduction, is tantamount.
Bagudu has aligned budget allocations with six national priorities focusing on economic growth, food security, poverty reduction, capital access, inclusivity, skill development and anti-corruption. A key measure of budget efficiency is its effect on employment and poverty alleviation; throughout 2023, Bagudu’s report indicated coordination of the National Poverty Reduction and Growth Strategy (NPRGS), which created over 67,000 jobs nationwide.
Moreover, the ministry is utilizing geospatial analytics to improve resource optimization, policy design, and implementation for enhanced access to social services. The NG-CARES program, which provides support to vulnerable populations affected by the COVID-19 pandemic, has reportedly helped seven million households across 35 states and the Federal Capital Territory (FCT).
Despite public skepticism amplified by social media, the minister emphasizes transparency and fiscal accountability. Under his guidance, the National Bureau of Statistics (NBS) operates independently, facilitating timely releases of critical economic data such as inflation figures and initiating a GDP rebasing exercise to reflect emerging sectors in Nigeria’s economy.
While prior administrations faced challenges with proper allocation of national budget resources, Bagudu’s leadership has ensured a considerable focus on essential sectors. The 2025 budget allocated N4.06 trillion for infrastructure, aiming to complete significant projects such as the Abuja-Kaduna and Lagos-Ibadan railways, among others. The allocations for defense, education and healthcare have also seen increased funding, with the health sector receiving its highest budget share since 2001.
Furthermore, the ministry has introduced innovative digital solutions like the ‘Eyemark’ application, allowing citizens to monitor the progress of government projects. This initiative showcases the ministry’s commitment to accountability, with over 500 projects from the 2023 budget being tracked to ensure value for money. In his first eighteen months, Bagudu’s leadership signifies a potential shift towards enhanced fiscal responsibility and strategic planning, indicating a hopeful economic future for Nigeria.
In summary, Minister Abubakar Bagudu’s stewardship of Nigeria’s budgetary processes has ushered in a new era of fiscal accountability and growth. His ability to navigate legislative challenges, prioritize national projects, and utilize data transparency mechanisms positions Nigeria favorably for sustained economic recovery. As the administration approaches its second year, the emphasis on impactful budget allocations and strategic monitoring illustrates a robust commitment to social and economic advancement.
Original Source: businessday.ng
