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Tag: Senator Abubakar Bagudu

  • Strong monitoring, evaluation systems key to national development – FG

    Strong monitoring, evaluation systems key to national development – FG

    The federal government has said that strengthening Nigeria’s monitoring and evaluation (M&E) architecture is essential to achieving the country’s development ambitions. 

    Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made the point in Abuja at the Nigerian Association of Evaluators’ National Symposium on Strengthening National Development Through Inclusive and Collaborative M&E Systems.

    Bagudu told participants that M&E must be seen as a tool for driving growth, improving governance, and ensuring that government policies translate into real change for citizens. 

    He noted that effective monitoring and evaluation go beyond routine checks and periodic reviews, stressing that they play a central role in tracking progress, identifying gaps, and informing timely corrective actions.

    “Monitoring and evaluation is not just a procedural exercise; it is a fundamental instrument for national progress,” he said. “It ensures that policies and programs deliver measurable impact, improve lives, and contribute meaningfully to our long-term development goals.”

    The minister linked the importance of M&E to Agenda 2050, Nigeria’s long-term economic blueprint designed to deliver inclusive growth and significantly raise GDP per capita. 

    He explained that the agenda outlines measurable national targets, which can only be achieved if federal, state, and local governments work collaboratively and remain guided by the Fundamental Objectives and Directive Principles of State Policy contained in the Constitution.

    Bagudu also spoke on the Renewed Hope Ward-Based Development Plan, a nationwide initiative that identifies economic opportunities across the country’s 8,809 wards. 

    He said the plan is intended to stimulate productivity and income generation by directing strategic investments into local economies. 

    According to him, such grassroots-focused development requires strong M&E systems to determine what works, what must be adjusted, and where interventions are most needed.

    He further noted that rigorous monitoring and evaluation will be crucial as Nigeria pursues its ambition of becoming a $1 trillion economy. He called on evaluators, policymakers, and development partners to strengthen their reliance on data-driven approaches that support accountability, transparency, and sound decision-making.

    “Inclusive and collaborative monitoring and evaluation provides clarity, accountability, and a pathway to sustainable growth. It enables governments and citizens alike to harness opportunities, optimise resources, and actively participate in nation-building,” Bagudu said.

  • Nigeria requires more resources for devt, says minister

    Nigeria requires more resources for devt, says minister

    The Federal Government has said it needs to attract significantly more resources than is currently available for it to execute its development agenda.

    Minister of Budget and Economic Planning Senator Abubakar Bagudu, who spoke at the management retreat of the Nigerian Financial Intelligence Unit (NFIU) held in Abuja, noted the critical importance of developing a robust financial system with integrity to achieve Nigeria’s long-term goals.

    “Our Agenda 2050, a statement of our national aspiration, requires that we invest at least $100 billion annually to achieve a GDP per capita of $33,000 or more by 2050,” he stated. However, he cautioned that the current level of financing falls far short of this target, and stressed the urgency for increased financial inflows.

    He said while President Bola Tinubu’s administration has implemented bold and courageous economic reforms aimed at boosting revenue, the nation is still far from achieving the necessary financial flows to meet its development objectives. “We still need to be where we should be; we are not near the kind of flows we expect,” the minister noted, stressing the need for greater efforts to attract both domestic and foreign investments.

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    To illustrate the challenge, Sen Bagudu compared Nigeria’s $20 billion federal budget with those of countries like Brazil and Indonesia, which have similar population sizes but much larger budgets of $750 billion and $210 billion, respectively. This stark contrast, he argued, underscores the need for Nigeria to enhance its financial capacity.

    The minister said a sound financial system is essential to attracting the investments required to finance the country’s development plan. “The plan is to use private sector or capital market money to fund the plan. Because of that, we need confidence, integrity, and soundness in our financial system,” he explained. He also suggested that international rating agencies should adopt a more generous approach in their assessments of Nigeria, considering the significant reforms the country has undertaken.

    Sen Bagudu praised the NFIU for its role in enhancing the integrity of Nigeria’s financial system but stressed the importance of more effective communication of its activities to gain public acknowledgment and improve the country’s credit rating. “Our credit rating should improve. We have taken measures similar to those in countries that have achieved significant increases in credit ratings. We have established and committed institutions, particularly the NFIU, and should benefit from them,” he said.

    He further noted that communication plays a crucial role in reinforcing the progress made by institutions like the NFIU.

    “Communication matters, so we reinforce and punish wrongdoing while drawing attention to our great work to enhance the integrity and soundness of our financial assistance,” the minister added.