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Tag: Bagudu

  • Renewed hope economic strategy working – Bagudu

    Renewed hope economic strategy working – Bagudu

    The Minister of Budget and Economic Planning, Sen. Atiku Bagudu,  has said that  the Renewed Hope Agenda was working for the country’s economy.

    Bagudu said this in Abuja on Wednesday at the National Economic Dialogue 2024, organised by the Nigerian Economic Summit Group (NESG), with the theme: Nigeria’s Economic Future: 25 years of democracy and beyond.

    According to him,  Nigeria has not achieved a lot in 25 years, but our population has increased,  and we are not where we used to be.

    “But I just want to assure everyone that we have a strategy and it is working.

    “We are under no illusion that it will involve choices that are tough. That is why at every turn, we are looking for resources that we believe can compensate for those tough choices,” he said.

    Bagudu said that  President Bola Tinubu had created more ministries to help the economy grow.

    “Whatever we are doing, we have taken the message that we need to do more.

    “We need to do better, and we need to do it in a hurry. I believe the dialogue here will help us,” he said.

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that in 25 years of democracy, the country was still trying and must continue to try.

     “ Democracy may not be the only form in which to organise a society, but I think all of us agree that it is the best.

    “And it’s always a work in progress, trying to improve our democracy. And, indeed, today’s dialogue is an effort in that direction.

     “ Overall, inflation has started coming down. And we are planning on maintaining that trajectory of downward iinflationary trend, and overall reduction in food inflation.

    “More availability of food at affordable prices is the goal of the administration in the immediate term,”  Edun said.

    The Chief of Staff to the President, Femi Gbajabiamila, said that the primary responsibility of the federal, state and local governments was to answer the hard questions that confront us today.

    “However, the government alone cannot define and determine the future of every or any nation,” he said.

    The Chairman of the NESG, Mr Olaniyi Yusuf, said that over the past 25 years, Nigeria had experienced significant transformations politically, socially and economically.

    Yusuf said that  Nigeria’s democracy had matured.

    “Our economy has evolved and we have made strides in various sectors such as telecommunications, agriculture, and services, reflecting our collective efforts to diversify our economy and create opportunities for millions of Nigerians.

    “However, as we gather here today, we must also acknowledge the challenges that have persisted, particularly those stemming from policy inconsistencies, governance deficits, and economic vulnerabilities,” he said.

    Yusuf said that businesses and entrepreneurs had continues to suffer from the increasing cost of doing business, while citizens now suffer from rising cost of living.

    “Poverty, unemployment, insecurity, and corruption are issues that continue to hinder our progress.

    “The lessons we have learnt from these challenges are clear; sustainable economic growth requires more than just policy changes.

    “It demands a concerted effort to address the underlying systemic issues that have held us back,” Yusuf said.

    He added that the dialogue gave an opportunity to take stock of Nigeria’s economic trajectory over the years.

    “It gives us opportunity to celebrate our successes, critically examine our shortcomings, and identify the impact of policy inconsistencies in the nation’s development.

    “ We must ask ourselves, how can we ensure that the gains we have made are not only preserved but also built upon?

    “How can we build institutions, achieve policy consistency and continuity that will drive sustained economic growth?” he queried.

    Yusuf said that to shape a prosperous socio-economic future, Nigeria must embrace collaboration as a fundamental principle.

    “ The challenges we face are complex and multifaceted, requiring the combined efforts of the public and private sectors, civil society, and international partners.

    “ We must work together to create an environment that fosters innovation, supports entrepreneurship, and attracts investment.

    Read Also: How national budget, economic planning has fared under Bagudu

    ” This collaborative spirit must extend to all levels of government and across all sectors of society.

    “In charting our economic trajectory, there are several strategic priorities that we must focus on.

    “Pimciples like economic diversification, human capital development, security and infrastructure development, good governance and transparency and inclusive growth,” he said.

    He said that the goal was to emerge from the dialogue with actionable recommendations that would guide the country toward6 a future of high, sustained economic growth and development, even in the face of democratic transitions.

    (NAN)

  • Tinubu monitoring situation, says Bagudu

    Tinubu monitoring situation, says Bagudu

    Budget and Economic Planning Minister Atiku Bagudu said yesterday that President Bola Tinubu was monitoring the #EndBadGovernance protests across the country.

    “Mr President has been monitoring the situation, as he ought to. Very responsibly, and alert,” the minister said on Channels Television shortly before the Presidency announced that Tinubu would address the nation today.

    Read Also: Protests: Tinubu alert, aware of situation, says Bagudu

    He said: “I am a minister. I also have responsibilities. I have also been monitoring this thing. I have been noting this thing so that I can make inputs.

  • Fed Govt inaugurates committee for 30th Nigerian economic summit

    Fed Govt inaugurates committee for 30th Nigerian economic summit

    The federal government has inaugurated the Joint Planning Committee (JPC) for the 30th Nigerian Economic Summit (NES #30).

    The NES is an annual event that serves as a crucial platform for dialogue among policymakers, corporate leaders, the organized private sector, civil society organizations, and development partners.

    This summit fosters the mutual relationship between the public and private sectors, contributing to the country’s overall economic growth and development.

    The NES #30 aims to mobilize relevant public and private sector stakeholders, including federal, state, and local governments, development partners, and other key actors.

    A critical task for the JPC is to prepare the “Green Book” for the NES #30 within three months of the summit’s conclusion, among other demands.

    During the inauguration, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, represented by the Permanent Secretary, Mr. Nebolisa Anako, noted the importance of the summit’s past outcomes in shaping government policies.

    He stated: “The key outcomes of the annual Summits have always played important roles in shaping the policies of Government. In particular, the Summit had in the past contributed to entrenching the culture of development planning in the country. Most recently the partnership helped in no small measure in the development of the National Development Plan (NDP), 2021-2025, the Nigeria Agenda 2050, and provided invaluable policy recommendations for the Government.”

    The summit is expected to address pressing economic challenges facing Nigeria. The chairman of the NES 30 Anniversary Committee and Vice Chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, highlighted Nigeria’s weak economic performance, which has led to poor socioeconomic outcomes and declining living standards. He noted that per capita income fell from USD 2,162.60 in 2022 to USD 1,645.76 in 2023. Additionally, the elevated cost of a healthy diet has exacerbated the multidimensional poverty rate, which stood at 62.9 percent in 2022.

    Read Also: FG restates commitment to infrastructure development drive for economic growth

    However, Olusanya pointed out the broader African context, stating, “The economic condition in Nigeria is not an isolated case but a reflection of the situation in Africa. Most countries in the region grapple with similar challenges, underscoring the need for collective action.”

    He noted that Africa’s real GDP growth slowed from 4.1 percent in 2022 to 3.1 percent in 2023 due to high food and energy prices stemming from the Russia-Ukraine war, political instability, security challenges, weak global demand, and climate change.

    Highlighting the need for collaborative efforts, Olusanya mentioned that Africa’s real GDP per capita has grown at one of the slowest rates globally since the 1980s. He stressed that most African economies have not significantly transformed since the 1990s, with traditional sectors continuing to drive growth and employment. “We can overcome these challenges by working together and pave the way for a more prosperous Africa,” he asserted.

    The 30th Nigerian Economic Summit is poised to be a pivotal moment, showcasing the summit’s role in shaping Nigeria’s economic trajectory and highlighting the country’s significance in transforming the continent through institutions, investment, integration, industry growth, and innovation.

  • Tinubu’s reforms bearing fruits, says Bagudu

    Tinubu’s reforms bearing fruits, says Bagudu

    President Bola Tinubu’s economic reforms have started bearing fruits, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said.

    He said the measures have restored the people’s faith in the economy.

    “The reforms have restored confidence in the economy,” the minister told the Nigerian Television Authority (NTA) in an interview monitored at the weekend.

    The minister noted that foreign investors had resurgent interest in Nigeria.”

    Bagudu said although the removal of the petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy.

    The minister recalled that before May 29, last year, the finances of the government were fragile.

    “The payment of subsidies affected the quantum of revenue available to all the layers of government so much so that the economy was at a standstill.

    Read Also; Nigeria is a complex country, but not difficult to rule – Obasanjo

    “The reform measures that were taken were in tandem with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector,” Bagudu said.

    The minister said both objectives of the reforms had been achieved, stressing that government at all levels – federal, state, and local – had acquired more capacity to support the economy.

    He added: “The Federal Government has expanded social investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms, are helped to cope.

    “All the sectors that will enable the gains to be achieved, including agriculture, infrastructure, and security, have seen more funding. Sectors that investing in them will secure our future, like education, health, and social investment, have received not only increased budgetary allocation but also speedy implementation.”

    According to him, some programmes have also been introduced to support the sectors so that manufacturing activities could resume and agricultural activity could be better supported on a more sustainable basis.

    Bagudu said part of the steps the government had taken to boost employment was the provision of mortgage funds to regenerate the mortgage sector so that activities in the sector could increase.

    He lauded the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser to rein in currency speculators and manipulators and observed that it had shored up the value of the national currency.

    The minister pleaded with Nigerians to persevere, saying President Bola Tinubu had persistently empathised with them.

    “We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them but that they were necessary measures to reposition the economy,” Bagudu added.

  • Focus on essential services instead of setting debt limits, Bagudu tells FRC

    Focus on essential services instead of setting debt limits, Bagudu tells FRC

    The minister of budget and economic planning, Atiku Bagudu, has said that the federal government’s focus is on providing important services for Nigerian citizens.

    He has asked the Fiscal Responsibility Commission (FRC) to focus on other things instead of just setting limits on debts for all levels of government.

    During the courtesy visit by the chairman of the commission, Victor Muruako, and the management staff in Abuja, Bagudu reiterated the need for the FRC to play a pivotal role in the national development agenda.

    He urged the Commission to enhance its functionality and effectiveness in contributing to the progress of the country.

    Drawing inspiration from the experiences of developed nations that have faced similar challenges, Bagudu encouraged the commission to study and adopt policies and strategies that have proven successful elsewhere.

    He emphasised the importance of learning from the best practices of other countries to formulate effective developmental recommendations tailored to Nigeria’s specific needs.

    In response, Victor Muruako, chairman of the commission, commended the Minister for his support in facilitating various training opportunities for the Commission’s staff.

    However, he appealed for additional assistance from the Minister, particularly in increasing the budgetary allocation for the Commission.

    Read Also: Fed Govt adopts plan-based budgeting, says Bagudu

    Muruako noted that adequate funding is essential for the commission to fulfill its mandate and effectively execute its responsibilities.

    The meeting underscored the importance of collaboration between government agencies in addressing critical issues facing the nation.

    As Nigeria strives for sustainable development and economic growth, the minister’s call for prioritizing social amenities and the commission’s plea for increased support highlight the ongoing efforts to enhance governance and improve the welfare of Nigerian citizens.

  • Fed Govt adopts plan-based budgeting, says Bagudu

    Fed Govt adopts plan-based budgeting, says Bagudu

    President Bola Ahmed Tinubu has a clear strategy to reform and revive the nation’s economy, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said.

    He noted that despite the prevailing volatility, the determined efforts to revive the economy were on course.

    One of the measures is the plan-based budgeting system, which has been adopted in line with the President’s directive, the minister explained.

    He spoke while receiving members of the House of Representatives Committee on National Planning and Economic Development, who were on an oversight visit to his ministry’s headquarters in Abuja.

     “Our strategy is very clear,” he told the committee, led by its Chairman, Hon. Ayokunle Isiaka.

    The minister explained that: “We want to achieve a higher rate of growth that is all-inclusive; reform the macroeconomic polity, to ensure that we generate more revenue; and have a foreign exchange market that is rule-based and can generate investment and investors’ confidence.”

    He said although the strategy is currently faced with some volatility, he expressed confidence that the federal government would overcome the prevailing challenges.

    “I am proud to say we are clear about how to handle the challenges. In the immediate, we have to respond more to support vulnerable populations and those who are otherwise affected. But our strategy is very clear and we appreciate that the National Assembly fully supports all the bold and commendable measures that have been taken even while calling for more interventions to ensure that constituents who are affected by the reform efforts are supported until we tide over the storm, which I believe will be soon,” he said.

    The minister said President Tinubu was determined to return the nation to a plan-based budget regime, informing the visiting committee members that new legislation was being put together to properly align budgeting with national planning.

    Read Also: Time has preserved Awo’s principles, legacies – Tinubu

     “We have been instructed by Mr. President to restore the sanctity of a plan-based budget because without a plan, you will continue to wobble and everyone you are dealing with around the world wants to appreciate whether you have a strategy and whether you are confident in your strategy. Implementation challenges can come from time to time, challenges that are caused by other external and domestic factors. But the clarity is whether we have a strategy or not. It is very important to appreciate this point so that even when challenged, we keep to the strategy,” he said.

     According to him: “Our objective is to stick to a plan-based budget. For Mr. President, the budget is the shortest-term plan. We should never look at the yearly budget in isolation. Part of what President Bola Tinubu wants to change, which he had done in Lagos State, is that the budget must always derive from a plan. This is where the committee, in my humble view, can be more assertive. If the plan we have agreed with as a nation is not working well, let’s change it. But as long as we adopt it as the plan, let it drive all other activities.”

    He appreciated the cooperation between the executive and the legislature in the last eight months, saying both the executive and the legislature had shown that democracy was not antagonism but cooperative federalism where every part works together to do things in the interest of the nation.

  • Tinubu asked ministers to be accountable to Nigerians – Bagudu

    Tinubu asked ministers to be accountable to Nigerians – Bagudu

    The Minister of Budget and Economic Planning, Abubakar Bagudu on Tuesday, January 30, revealed that President Bola Tinubu asked all his ministers to be accountable to Nigerians in all their dealings.

    He said they were asked to not only submit themselves for questioning by Nigerians but also explain their dealings in details because the president is one of the most ardent proponents of accountability.

    Bagudu further explained that the president has put his cabinet on their toes to ensure they all work towards delivering the agenda of this administration which is working towards a national development plan that would make Nigeria one of the developed worlds in 2050.

    He said this in Abuja at the Social Accountability and Civil Society Fair/Exhibition event, Organized by the Joinbodi Cohort under the MacArthur Foundation on Nigeria program, themed “Reforming Governance to Enhance Social Accountability – Cultivating Peoples’ Power,”

    The Joinbodi Cohort program brought together about twenty-one Civil Society Organizations in the country to unveil the research on Civil Society Efforts in Transparency, Accountability, and Good Governance in the country.

    The minister said: “Accountability starts with all of us as citizens of this country, after looking inwardly at ourselves then we can ask those given the mandate of leadership how they are doing things. President Bola Ahmed Tinubu is one of the most ardent proponents of accountability. We are under the directive of Mr President to submit ourselves for questions to Nigerians and we have to explain ourselves.

    Read Also: Insecurity: Senate to meet Tinubu after session with security chiefs

    “I have the mandate amongst others to explain what the budget and national development objectives are, we have a national development plan, we want to be one of the developed countries of the world by 2050 and what we are doing to ensure that. It was started with the 2024 budget.

    “It is being achieved by reducing the deficit and increasing capital spending and we prioritised spending on infrastructure, defence/security and agriculture.

    “We have been put on our toes by Mr President, he said openly that Ministers who cannot help in the dreams that Nigerians want may consider stepping aside, so it takes all of us and not just the civil society to come together and fight for the better Nigeria that we all want.”

    The special adviser to the president on policy coordination, Hadiza Bala Usman said the president insists that there must be first-hand participation of Nigerians in the verification of the delivery projects of the government.

    She said the government would soon relaunch the citizens’ tracker, where Nigerians can track and monitor priority programmes and projects of the government and report back on a dashboard that would be viewed by the President himself.

    She said: “Mr President further insists that there needs to be first-hand participation of Nigerians in the verification of the delivery programme and projects of the government.

    “Very shortly we’ll be relaunching the citizens’ tracker which will avail Nigerians across the country to track and monitor the list of priority programmes and projects of the government and their status and you can report otherwise, these reports will be viewed by the central delivery and coordination unit, and even importantly, Mr. President will have a dashboard where he’d be able to see and track the progress of implementation of his priority programmes.

    “President Tinubu is determined to make Nigeria work for Nigerians, but it doesn’t end with that he is committed to giving Nigerians a voice and empowering them to participate in the governance of their country.”

    Country Director Budglt, Gabriel Okeowo said the research findings show that there have been a lot of behavioural changes amongst government officials as a result of the efforts and interventions by Civil Society groups in Nigeria.

    He said during the research, stakeholders were unanimous to the fact that the Federal Government, particularly the Executive and Judicial branches have benefited greatly from Civil Society participation in the country.

  • Bagudu: how we settled for N800/$ budget

    Bagudu: how we settled for N800/$ budget

    The Federal Government yesterday said it settled for N800 to a dollar benchmark in the 2024 Budget to avoid uncertainties.

    The Executive projected an exchange rate of N750 to the dollar, but the National Assembly raised it to N800 

    Minister of Budget and Economic Planning, Atiku Bagudu, told reporters in Abuja that the government considered the average performance of the naira.  

    According to him, there could be eventualities and oil price fluctuations, which could necessitate variations.

    “For budgeting purposes, you don’t use spot rate. Oil price can go to $120 due to shortage, ship collision or channel blockage,” he said.

    According to him, it is best to watch the exchange rate behaviour over time rather than deciding based on spot prices.

    Read Also: Expert projects economic growth with CBN’s unbanning of cryptocurrency

    “Much as we are hoping that it (current exchange) would soon drop, at the time you are preparing the budget you will consider average performance. And that’s what we did,” Bagudu said.

    He believes with the measures being taken, there will be an increase in foreign exchange supply. 

    On borrowing, the minister said: “We will not go outside the law and borrow from ways and means, what is outside the law. 

    “The Fiscal Responsibility Law says, every year, the central bank can lend the government up to five per cent of its budget. 

    “If you go out of that, you’re going outside the lawful limit.

    “That’s what the Minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. 

    “We are not going to resort to borrowing outside the law,” Bagudu added.

  • Tinubu celebrates Atiku Bagudu at 62

    Tinubu celebrates Atiku Bagudu at 62

    President Bola Tinubu has celebrated the Minister of Budget and Economic Planning, Atiku Bagudu, as he clocks 62 years.

    In a statement issued by his special adviser on media and publicity, Ajuri Ngelale, President Tinubu commended the former governor of Kebbi state for the expertise and diligence he has discharged in the services to the country.

    He said: “President Bola Tinubu felicitates the Honourable Minister of Budget and Economic Planning, Senator Atiku Bagudu on his 62nd birthday.

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    “President Tinubu celebrates the consummate administrator and politician who served as the Executive Governor of Kebbi State from May 29, 2015 to May 29, 2023, and as the Senator representing Kebbi Central from 2009 to 2015.

    “The president commends the Ivy League-educated financial expert for the diligence, rigour, detail, passion, and experience he brings to bear in the discharge of his duties.

    “President Tinubu wishes the Minister good health, longevity, and strength in the service of the nation.”

  • Presidential yacht not for Tinubu’s personal comfort– Budget Minister Bagudu

    Presidential yacht not for Tinubu’s personal comfort– Budget Minister Bagudu

    The Minister of Budget and Economic Planning, Abubakar Bagudu, has provided clarification to trending reports of Presidential Yacht in the 2023 supplementary budget.

    Bagudu’s reaction comes after the House of Representatives had scrapped the controversial presidential yacht from the supplementary budget.

    The Nation reports that the presidency had also clarified that the operational naval boat with specialised gadgets referred to as Presidential Yacht in the 2023 supplementary budget is not for the use of President Bola Tinubu.

    Read Also: Presidential yacht not for Tinubu’s personal comfort – Budget minister Bagudu

    In the footage obtained by The Nation, Bagudu, while addressing journalists said: “The mischaracterisation or controversy from the way Navy described the ship has unfortunately generated a lot of controversies. If a budget of 2.2trn, and 95 per cent of it, is okay, then I think President Tinubu should be given a lot of credit.

    “President Asiwaju has always told us (his team) that he’s happy with all he has achieved, and personal comfort does not matter to him.

    “Before he was elected president, he stayed in a three-bedroom apartment in Abuja. He lives a modest, humble life. To suggest that something was put in the budget for his comfort is ridiculous.”