Tag: Abubakar Bagudu

The federal government has pledged its readiness to deepen collaboration with the International Organisation for Migration (IOM) in a renewed effort to tackle the complex challenges of migration in Nigeria.

This assurance came from the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during a courtesy visit to his office in Abuja by the new Chief of Mission of IOM Nigeria, Ms. Dimanche Sharon.

Speaking at the meeting, Senator Bagudu described migration as a divine phenomenon that should be supported within the confines of legal and humanitarian frameworks. He noted that a range of socio-economic and environmental factors—such as climate change, shifting land use patterns, and urbanisation—are compelling people to seek more favourable conditions in new locations.

“There is a need for people to move, especially to areas where they can access fertile land, engage in commerce, improve their livelihoods, and pursue prosperity,” he stated.

The minister maintained the government’s commitment to engaging with international partners like the IOM to manage both internal and cross-border migration in a structured and humane way. He disclosed that several cooperative agreements have already been signed by the International Cooperation Department of the Ministry as part of efforts to address migration challenges across the country.

He commended the IOM’s growing footprint in Nigeria and described the organisation as a potential global ombudsman for migration issues, given its neutral stance and global reach.

“IOM has become a key institution in shaping migration conversations across the world, and its continued support here in Nigeria has been impactful,” Bagudu said.

On her part, Ms. Dimanche Sharon expressed appreciation for the leadership role played by the Ministry of Budget and Economic Planning in coordinating development efforts. She described the ministry as central to Nigeria’s transformation, especially in the area of migration management.

Ms. Sharon encouraged Nigerians to reframe the global narrative about their country. According to her, there are many positive aspects of Nigeria that remain unknown to the international community, and efforts should be made to project these stories more effectively.

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She identified remittances from Nigerians in the diaspora as a critical asset that can be harnessed to support the country’s development objectives. “Remittances can play a significant role in improving education, health care, and nutrition. They also serve as a vital source of income for families across the country,” she explained.

Sharon further urged the federal government to ensure that Internally Displaced Persons (IDPs) are integrated into national development plans. She noted that addressing the root causes and consequences of internal displacement is vital for sustainable development and national stability.

As part of its long-term commitment to Nigeria, Sharon said the IOM will continue to support national priorities and programmes. She described the organisation’s role as an “extended arm of the government,” fully aligned with the aspirations of the Nigerian people.

IOM’s work in Nigeria spans a variety of areas, including Assisted Voluntary Return and Reintegration (AVRR), Labour Migration, Diaspora Policy Formulation, Migration Health, and Migrant Assistance and Protection.

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday highlighted the importance of local governments in economic development.

According to him they should transform into centres of inclusive economic growth and development.

The minister spoke during the 18th Community of Practice (CoP) meeting in Umuahia, the capital of Abia State, where he strongly advocated deepening local administration through the creation of governance structures at the ward level.

The CoP includes the Commissioners of Budget and Economic Planning from the 36 states, serving as a mechanism to support national economic coordination, enhance intergovernmental cooperation, and ensure that development objectives are aligned across federal, state, and local government structures.

Speaking to the theme of the meeting, “Local Government Autonomy: Imperative for Good Governance and Sustainable National Development,” Bagudu argued that rapid national development would remain stunted unless local administration, particularly at the ward level, is structured to become a true engine of planning, investment, and transformation, where change is not just promised but made real.

According to him, the real question was not whether autonomy existed, but rather how local governance could be effective within the existing framework.

“Rather than fixating on the control debate, we must focus on functionality,” he stated, emphasizing that “Local Government Autonomy should not be seen as an end; it should be a vehicle for development, a platform for service delivery, and a pathway to citizen empowerment.”

He urged the commissioners to redefine autonomy not as detachment but as empowered interdependence. “It challenges us to think differently, plan with intent, and act purposefully.”

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Bagudu contended, “True development does not trickle down—it must rise from the ground up. If we are serious about transformative change, it must begin at the very base of our society: the ward level.”

He noted that although the ward was the most foundational unit of the nation’s governance architecture, it was paradoxically the most overlooked, explaining that Nigeria must begin at that level if it is to undergo real and lasting transformation.

The minister stated: “The ward is where the realities of poverty are most acutely felt—and where the impact of progress will be most visible and meaningful. Each ward in Nigeria mirrors the broader economy in miniature. Within them are farmers, artisans, vibrant local markets, women managing homes and enterprises, and young people brimming with potential.”

They possess abundant natural resources, rich cultural heritage, and a strong human capital. What is often lacking is not potential—but structured support, targeted investment, and deliberate planning to unlock that potential and drive inclusive, grassroots-led growth.

He submitted that to effectively reduce poverty, increase social protection, and ensure no one is left behind, the ward—not just the LGA headquarters—must become the centre of policy planning and economic thinking. He emphasised that local governments must begin taking ownership of development by unlocking opportunities at the ward level through investing in primary education and healthcare, improving local road networks, supporting farmer cooperatives, and ensuring that small businesses can thrive.

“That is not just local governance; that is local economic transformation,” he stated, pointing out, “The national development plans, including the Nigeria National Development Plan (2021–2025) and our commitment to the Sustainable Development Goals (SDGs), recognise that inclusive and resilient growth is only possible when local governments are empowered and integrated into national strategy execution.”

The CoP, which deliberated on papers presented by the Statistician-General of the Federation, Mr. Adeyemi Adeniran, on Ward-Based MPI and NLSS as tools for Resource Allocation, Inclusive Growth and Development, and by the representative of the Foreign Commonwealth Development Office-Partnership for Agile Governance and Climate Engagement (FCDO/PACE), Dr. John Mutu, on Local Government Autonomy: Imperatives for Good Governance, concludes on Thursday.

The Minister of Budget and Economic Planning, Abubakar Bagudu, has assured the National Assembly that President Bola Tinubu’s administration will not change its mind with regards to it’s economic reforms since the economy is headed in the right direction, with significant strides in recovery and development.

Bagudu made the remarks on Tuesday while defending his ministry’s financial estimates before the National Assembly Joint Committees on National Planning, led by Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim.

Bagudu noted that the economic reforms initiated by the Tinubu administration, under the Renewed Hope Agenda, were yielding positive results. 

He pointed to the consistent GDP growth of over three percent for three consecutive quarters, comparing this with less than one percent growth in some industrialized nations. 

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According to the minister, the reforms have spurred economic recovery, reduced deficits, and limited borrowing to within legal limits, bringing Nigeria’s fiscal deficit down from 6.1 percent in 2023 to less than four percent in 2024.

Bagudu attributed the increase in allocations to federal, state, and local governments through the Federation Account Allocation Committee (FAAC) to reforms such as the removal of fuel and forex subsidies. 

He expressed optimism that the reforms would continue to drive sustainable economic growth, enhance revenue generation, and address critical infrastructure needs.

The minister outlined plans to fund the 2025 financial estimates through innovative financing mechanisms and budgetary allocations. He disclosed that President Tinubu had directed the petroleum, solid mineral, and creative industry sectors to maximize their potential in generating revenue. 

Bagudu also mentioned ongoing efforts to increase crude oil production beyond 2.06 million barrels per day, supported by the activities of the Crude Oil Theft Committee to curb losses from oil theft.

Bagudu reiterated the ministry’s role as the “chief marketer” of the Renewed Hope Agenda and Agenda 2050 strategies, adding that innovative financing would be deployed to fund infrastructure projects, including housing, roads, and railways. 

He highlighted several high-impact programmes, such as the Renewed Hope Infrastructure Fund, Consumer Credit schemes, and support for micro, small, and medium enterprises (MSMEs).

The minister praised the international community’s response to Nigeria’s economic reforms, noting that several countries, including China, the United Kingdom, and Saudi Arabia, have strengthened their partnerships with Nigeria. He revealed that the ministry has signed multiple high-impact agreements with development partners, while visits by world leaders such as Germany’s President Frank-Walter Steinmeier and India’s Prime Minister Narendra Modi underscored Nigeria’s growing global relevance.

Bagudu also acknowledged President Tinubu’s proactive diplomacy in showcasing the positive impact of economic reforms on Nigeria’s stability and growth.

The minister lauded the National Assembly’s budgetary support for his ministry’s four parastatals, which he said were crucial to Nigeria’s socio-economic growth. He commended the National Bureau of Statistics (NBS) for its timely and accurate data releases, highlighting the agency’s ongoing GDP rebasing project using 2019 prices.

In response, the co-chairmen of the Joint Committees, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, commended Bagudu for his comprehensive presentation. 

They urged the minister to ensure effective implementation of the capital component of the 2025 budget to address the country’s critical infrastructure needs.

Accompanied by Permanent Secretary Dr. Vitalis Emeka, ministry directors, and heads of parastatals, Bagudu reassured the lawmakers of the administration’s commitment to achieving inclusive economic growth and development. 

He affirmed that President Tinubu’s directive to prioritize excellence in governance and economic management, ensuring that Nigeria’s economy remains on the path to full recovery.

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Tuesday said that President Bola Tinubu has steered the economy in the right direction and is determined to stay the course.

Bagudu made this assertion during the defence of his ministry’s 2025 budget estimates before the National Assembly Joint Committee on National Planning, chaired by Senator Yahaya Abdullahi and co-chaired by Hon. Isiaka Ibrahim, in Abuja.

He said that Tinubu’s  economic reforms were working and that the economy was on the path to full recovery.

Bagudu said: “President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course.

“Under the leadership of President Bola Tinubu, and with your support, our economy has turned the bend and facing the right direction.

“The Renewed Hope Agenda Strategy of once and for all confronting our decades of underinvestment is working, and the positive trajectory is being sustained.”

According to the Minister, the GDP growth of more than 3% for three successive quarters, compared to less than 1% in industrialised countries, evidenced the increasingly positive impact of the administration’s reforms.

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Bagudu listed other positive impacts, including recovery of the economy, deficit reduction, and non-recourse to ways and means beyond legal limits from over 6.1% in 2023 to less than 4% in 2024, which he said global business leaders and rating agencies had acknowledged.

“The reform strategy has enhanced the liquidity of the sub-nationals: States and Local Governments. FAAC allocations to all tiers of Government are on the increase. With the elimination of FOREX and fuel subsidies, among other reforms, the increase shall be sustained,” he said.

The minister told the legislators that the Tinubu administration would generate the funds to finance the 2025 financial projections through innovative financing and line budget allocation.

He explained that President Tinubu had charged the petroleum, solid mineral, and creative industry sectors with developing their potential.

Bagudu stressed that with the help of the National Assembly, his ministry, which he said was the chief marketer of Tinubu’s Renewed Hope Agenda and Agenda 2050 strategies, would implement innovative financing measures to expand economic activities and generate substantial revenue to fund ongoing critical infrastructures.

“As the chief marketer of the Renewed Hope Agenda and Agenda 2050 strategies, the Federal Ministry of Budget and Economic Planning is poised to intensify its innovative financing to take forward the delivery of the Renewed Hope Infrastructure, including housing, roads and railway. We shall more aggressively raise funding for our creative and high-impact programmes, including Renewed Hope Infrastructure Fund, Consumer Credit, National Agriculture Development Fund, Mortgage Fund, CNG Energy transition, Student Loans Fund, and support to NANO and MSMEs,” he said.

He noted that, in addition to the funds that would accrue from maintaining fuel and removing forex subsidies, the administration was determined to increase crude oil production beyond the estimated 2.06 barrels per day at a lower cost.

The minister said that as the Crude Oil Theft Committee ramps up its activities to contain crude theft, more funds will flow into the national treasury.

“Our ministry and agencies are leading many engagements to get more resources to finance critical infrastructures in your constituencies,” Bagudu told the legislators, explaining that there would be more spending with more revenues.

He urged legislators to pass the tax reform bills, saying their passage would smoothen the government’s path to achieving its 18% revenue-to-GDP target, assuring them that the Tinubu administration remained focused on achieving a higher growth rate that would include all this year.

Bagudu also spoke about the ministry’s bilateral and multilateral coordination mandate and said the economic reforms earned the appreciation and respect of the nation’s development partners.

He said many countries, including China, had comprehensively scaled up their relations and partnerships with Nigeria.

He emphasised that the ministry signed many high-impact agreements on behalf of the country last year, including five with China and six with the United Kingdom, the European Union, Japan, the United Arab Emirates, and Saudi Arabia.

He recalled that Dr. Frank-Walter Steinmeier, the German president, and Mr. Narendra Modi, the Indian prime minister, visited Nigeria. At the same time, President Bola Tinubu visited several countries in the preceding year to project the stabilising effect of the economic reforms on the nation’s economy.

“Our country has done well. President Bola Tinubu is leading the country in the best of ways. He has charged all of us, his ministers, to work for excellence and do everything we can to ensure that the nation generates a higher level of growth that will include all. We will,” Bagudu stated.

He thanked the National Assembly for its budgetary approval of his ministry’s four parastatals, which he said helped the agencies deliver their mandates maximally.

The minister highlighted the critical roles of the parastatals in the nation’s social and economic growth and development and said the ministry supported them in guarding their independence jealously to sustain their credibility.

He said the National Bureau of Statistics (NBS), led by Dr Adeyemi Adeniran, consistently and timely released statistics on the nation’s economic activities despite the paucity of funds. The agency is concluding its work on rebasing the GDP using 2019 prices.

He revealed that the Nigerian Institute of Social and Economic Research (NISER), headed by Prof Antonia Taiye Simbine, was in the process of organising the Renewed Hope Agenda Lecture Series, which, he explained, would be a performance-tracking and measuring mechanism for the agenda.

Bagudu commended the hard work of the Dr Tanimu Yakubu-led Budget Office, which produced the 2025 estimates with several defining features that ensured transparency and guaranteed that the nation’s resources would be channelled to its critical needs.

He pointed out that the Centre for Management Development (CMD), under the leadership of Mr Bistros Chinoko, continued to be a world-class management development institution that sets standards for excellence in management development and economic administration.

The co-chairmen of the joint committees on national planning, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, commended the Bagudu for the helicopter-view presentation and urged him to ensure a more appreciative implementation of the capital component of the 2025 Budget.

The minister was accompanied to the budget defence by the Permanent Secretary, Dr Vitalis Emeka, ministry directors, and chief executives of its parastatals.

President Bola Tinubu’s administration has halted the nation’s economic decline and repositioned it for stability, growth and development, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said.

The minister spoke yesterday at the close of the 30th National Economic Summit organised by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group and said despite the storm, calm was already setting in.

“The economy is moving in the right direction, and the decline has been arrested,” Bagudu told reporters after he closed the Summit on behalf of Vice-President Kashim Shettima.

The minister said the arrest came from governance and institutional reforms, which helped improve the nation’s macroeconomic performance.

He said, “Our overall GDP has been enhanced from 2.98% in Q1 2024 to 3.19% in Q2 2024, compared to 2.31% in Q1 2023 and 2.51% in Q2 2023.  Inflation is trending downwards from 33.40% in July 2024 to 32.15% in August 2024.

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“Our external reserves are $39.07 billion as of September 19, 2024. Our external trade balance improved to N6,945.4 billion in the second quarter of 2024. These are testaments to the efficacy of the government reform agenda.”

He explained that to reposition the economy, the administration had to introduce some reform measures, including removing petrol subsidies and harmonising forex rates. However, he regretted the short pains on the populace. 

“These reforms come with temporary hardships, but we are confident they are necessary for the growth and development of our dear country,” Bagudu said.

Therefore, he sought the citizenry’s cooperation and understanding, saying that light was at the end of the tunnel.

He said the administration was determined to stay the course and deepen its implementation of the Revised National Development Plan by incorporating its Renewed Hope priorities, adding that it had reinvigorated its vision and determination to change the country’s development trajectory,

Bagudu stated, “Our aspiration to attain the desired objective for Nigeria’s development necessitated our revision of the National Development Plan, 2021-2025. This plan addresses the challenging dynamics of the macroeconomy and incorporates the 8-Priority Areas and the Renewed Hope Agenda of this Administration.

“In addition, the Revised NDP 2021 – 2025, which incorporates the Renewed Hope priorities, is unique in that it focuses on strategic sectors that will spur growth in the short to medium term. It also addresses the current macroeconomic instability, particularly the exchange rate, inflation, and unemployment, and aims to achieve sustainable economic growth and development.

“We also identified the need to address overreliance on oil revenue, infrastructure deficit, revenue shortfalls, insecurity, rule of law, education, and human capital development as critical to economic growth and development. The essential areas targeted for intervention and identified as enablers for economic stabilisation are Oil and Gas, Power, Revenue mobilisation, Business support, Health and Social welfare, and Agriculture and Food security. 

“What is required is collaborative action from the private sector to build a sustainable and stable economy that is competitive and ready to play on the global stage.