President Bola Ahmed Tinubu’s approval of the 2025 budget signifies enhanced fiscal accountability in Nigeria. Abubakar Bagudu, Minister of Budget and Economic Planning, has improved efficiency and secured timely budget approvals. The 2025 budget emphasizes economic growth, poverty alleviation, and infrastructure development. Innovative monitoring systems and transparency measures have been implemented to ensure accountability, paving the way for sustainable economic growth.
President Bola Ahmed Tinubu’s approval of the 2025 budget exemplifies a new phase of fiscal accountability in Nigeria. Although the approval occurred two months later than in 2024, it highlights significant advancements in budget proposal reviews and legislative efficiency in recent years. Abubakar Bagudu, the Minister of Budget and Economic Planning since August 2023, has effectively managed to navigate the approval process, securing assent for the 2024 budget by January 2024.
Bagudu’s extensive experience in economic planning and governance has been instrumental in enhancing the budgetary process. His previous roles as a special assistant during President Ibrahim Babangida’s era, as a senator, and as the Governor of Kebbi State have equipped him with the necessary skills to streamline operations. The operationalization of the 2025 budget, known as the “Budget of Restoration,” is now directing fiscal policies across various governmental sectors.
The Tinubu administration’s performance over its initial years will be scrutinized, with key indicators being economic recovery, job creation, and poverty reduction. Bagudu affirms that budget allocations target six national priority areas, including economic growth, food security, poverty alleviation, capital access, inclusivity, and anti-corruption measures.
The effectiveness of the budget can be gauged by its influence on employment and poverty alleviation. Bagudu noted that the ministry coordinated the National Poverty Reduction and Growth Strategy (NPRGS), which authored significant job creation across Nigeria. In the program’s first phase, 67,038 jobs were generated, providing substantial economic improvements. Additionally, geospatial analytics and insights from the Multidimensional Poverty Index (MPI) Report are optimizing resource and policy planning.
The ministry also coordinated the NG-CARES program, a World Bank initiative, assisting vulnerable populations and smallholder farmers impacted by COVID-19. This program reached seven million impoverished households in 35 states and the Federal Capital Territory.
Amid public skepticism, often fueled by social media, Bagudu emphasizes fiscal accountability and data transparency. Under his direction, the National Bureau of Statistics has maintained independence, promptly releasing inflation data essential for economic policy. Furthermore, preliminary efforts have commenced for GDP rebasing to encompass new economic sectors, thereby enhancing Nigeria’s economic standing.
Previous administrations struggled to distribute national budget resources effectively; however, Bagudu’s team has reversed this trend. The 2025 budget earmarked N4.06 trillion for infrastructure development, supporting significant infrastructure projects, including the Abuja-Kaduna railway and numerous highway projects. Defence received N4.91 trillion, Education N3.5 trillion, and Health N2.4 trillion, marking the highest health sector allocation since 2001.
Bagudu’s innovative approach is evident through the implementation of a digital monitoring approach known as ‘Eyemark,’ which facilitates public feedback on projects. The ministry has monitored over 500 federal initiatives funded by the 2023 budget, ensuring accountability and value for money.
In his 18 months of service, Bagudu has initiated a promising era of fiscal responsibility and strategic planning. His efforts in timely budget delivery, sector prioritization, and monitoring will significantly influence Nigeria’s economic landscape. The 2025 appropriation act serves as a crucial fiscal roadmap aimed at fostering economic recovery, job expansion, and social progress, underscoring a commitment to fiscal stability and sustainable growth.
In conclusion, Abubakar Bagudu’s leadership has heralded a new chapter in Nigeria’s fiscal management. The recent budgetary reforms reflect a commitment to enhancing efficiency in reviewing and approving budgets while prioritizing critical sectors for national development. By focusing on economic recovery and poverty reduction, the administration is strategically positioning Nigeria for sustainable growth and fiscal responsibility. The successful implementation of key programs and the transparency initiatives set a robust foundation for the nation’s economic future.
Original Source: businessday.ng
