Less than two years into office as Minister of Budget and Economic Planning, Abubakar Atiku Bagudu has been instrumental in actualising the Tinubu administration’s Renewed Hope Agenda.
His leadership has driven fiscal efficiency and positioned Nigeria towards economic sustainability and recovery.
At the outset of President Bola Tinubu’s administration, a three-year economic revival plan was introduced, anchored on an Eight-Point Agenda.
The agenda, outlined by the Minister of Finance, Wale Edun, prioritises food security, poverty eradication, economic growth, job creation, access to capital, inclusion, rule of law, and anti-corruption. As a key driver of this vision, the Budget and Economic Planning Ministry, under the leadership of Atiku Bagudu, is meant to deliver on six priority areas.
Understanding the weight of this responsibility and recognising the urgency of economic hardship, unemployment, and poverty, President Tinubu charged his ministers with achieving tangible progress within three years. In response, Bagudu swiftly formulated national economic priorities, coordinating their implementation and ensuring budget allocations aligned with economic recovery goals.
The Ministry’s role extends beyond budget formulation. It is tasked with ensuring national unity and economic stability by designing policies that promote economic inclusivity and social justice. Atiku Bagudu’s leadership has emphasised strategies to enhance economic resilience, especially amidst global economic challenges, ensuring Nigeria remains a viable investment destination.
One of Bagudu’s primary responsibilities has been aligning national budgets with Tinubu’s development strategy. His leadership saw the smooth passage of the 2023 Supplementary Budgets and the 2024 fiscal estimates, securing their approval with minimal legislative resistance—a contrast to previous years. He has also played a crucial role in stabilising Nigeria’s budgetary framework and ensuring prudent resource allocation.
The 2024 budget, valued at N28.77 trillion, was submitted well ahead of time despite initial administrative delays. It aimed to reduce the fiscal deficit, increase capital expenditure, and support vulnerable populations affected by ongoing reforms. Notable allocations included:
- N4.06 trillion for infrastructure—the highest in recent years.
- N3.5 trillion for education.
- N2.4 trillion for healthcare—the highest percentage allocation to the sector since 2001.
Bagudu’s fiscal strategy has also led to sustained GDP growth, exceeding 3% for three consecutive quarters—a significant achievement compared to industrialised nations struggling with lower growth rates. Additionally, his Ministry has reduced reliance on deficit financing, bringing Nigeria’s deficit-to-GDP ratio from 6.1% in 2023 to under 4% in 2024.
Beyond stabilising fiscal policies, Bagudu has championed tax reforms to enhance revenue generation while reducing the burden on businesses. His Ministry has worked closely with the National Assembly to ensure financial projections align with long-term development objectives. The administration’s commitment to ensuring non-recourse to excessive borrowing is evident in its strategic approach to debt management and deficit reduction.
A key focus of Bagudu’s tenure has been fiscal transparency. The National Bureau of Statistics (NBS) continues to operate independently, ensuring timely economic data releases, including inflation figures crucial for monetary policy decisions. His Ministry is also spearheading the GDP rebasing exercise, which is expected to provide a more accurate assessment of Nigeria’s economic strength and better capture emerging sectors.
To enhance citizen engagement and monitor budget implementation, Bagudu’s team launched ‘Eyemark,’ a digital platform allowing public feedback on government projects. This initiative has tracked over 500 federal projects under the 2023 capital budget, ensuring accountability and optimising resource allocation. Additionally, this has improved government-citizen trust, as Nigerians can actively monitor public spending and project execution.
The Ministry has introduced public audits of key projects to reinforce transparency, ensuring funds are allocated and used as intended. Bagudu has also worked to strengthen institutions like the Fiscal Responsibility Commission and the Bureau of Public Procurement, ensuring strict compliance with financial regulations and procurement guidelines.
To sustain economic momentum, Bagudu has championed innovative financing mechanisms. His Ministry is overseeing the development of the Renewed Hope Infrastructure Fund, National Agriculture Development Fund, Consumer Credit Scheme, and Student Loans Fund, among others. These initiatives aim to expand economic activity, generate revenue for key infrastructure projects, and create employment opportunities.
Moreover, his Ministry has emphasised geospatial analytics to improve policy planning and execution. The government can optimise resource distribution and enhance service delivery by integrating geospatial evidence into national projects. This data-driven approach ensures that investments in infrastructure and development are directed to areas where they will have the most significant impact.
Bagudu has also focused on securing foreign investments and strategic partnerships to fund development projects. By engaging with global financial institutions, the Ministry is working to attract foreign direct investments (FDI) into critical sectors such as energy, agriculture, and technology. His efforts in fostering public-private partnerships (PPPs) have been instrumental in securing long-term financial sustainability.
Bagudu’s approach to economic planning extends beyond budgeting. Under his leadership, the Ministry successfully concessioned the Cassava Bio-Ethanol Value Chain across Nigeria’s six geopolitical zones. The pilot projects have generated over 8,000 jobs, demonstrating the administration’s commitment to job creation and economic diversification. By leveraging Nigeria’s vast agricultural potential, the initiative aims to boost food production, enhance value chains, and drive rural development.
Outside of stabilising fiscal policies and driving economic recovery, Bagudu’s leadership has also focused on initiatives directly impacting Nigerians, ensuring that government interventions translate into meaningful benefits. From social welfare programs to skills development and infrastructure expansion, his Ministry has worked to create opportunities that foster long-term economic resilience.
Furthermore, the Ministry has efficiently implemented the NG-CARES program, a World Bank-backed initiative that has impacted over 7 million vulnerable households across 35 states and the FCT. The program provides emergency relief to those affected by economic downturns, ensuring that vulnerable populations receive financial and social support during challenging times.
Complementing these efforts, Bagudu’s economic strategy has prioritised workforce development. His Ministry has rolled out training programs to equip Nigerian youth with technology, agriculture, and entrepreneurship skills. These initiatives align with the administration’s vision of creating sustainable employment opportunities and fostering a more competitive economy.
In addition to human capital development, the Ministry has championed strategic investments in energy and infrastructure—critical enablers of long-term economic stability. Recognising the need for a reliable power supply, policies have been implemented to enhance renewable energy adoption and improve electricity access nationwide. The administration also continues to work on increasing crude oil production, optimising natural resource revenue, and reducing import dependency to strengthen Nigeria’s economic resilience.
Infrastructure development remains a priority, with significant allocations directed toward road construction, railway expansion, and housing projects. The 2025 budget aims to complete the Abuja-Kaduna railway project, rehabilitate the Itakpe-Ajaokuta rail line, and advance key highway projects like the Lagos-Calabar Coastal Highway.
In addition, the Ministry is working to improve the nation’s logistics and transport networks to facilitate trade and business operations. Plans for developing smart cities and digitising public services are underway, positioning Nigeria as a leader in digital governance and modern infrastructure.
As Tinubu’s administration approaches its second year, Bagudu’s leadership at the helm of the Ministry of Budget and Planning has set the foundation for a more structured, transparent, and growth-driven economy. From fiscal reforms and innovative financing to sectoral investments and job creation, his role has been pivotal in steering Nigeria towards economic recovery. His commitment to responsible economic planning, financial accountability, and strategic investments underscores the administration’s dedication to long-term prosperity.
With continued strategic planning and execution, Atiku Bagudu’s Ministry remains a critical driver of Tinubu’s vision for a more prosperous, inclusive, and resilient Nigeria. His reforms are reshaping Nigeria’s economic landscape and laying the groundwork for sustained growth and stability in the years ahead.
Adeleye Adeyemo
