Bagudu says coordination across all tiers of government is key to unlocking $1tn economy target by 2030…..
Nigeria’s state governments are responsible for nearly half of the country’s public spending, a reality the Federal Government says must be better harnessed to achieve its long-term economic ambitions.
The Minister of Budget and Economic Planning, Abubakar Bagudu, revealed that states account for about 48 percent of total public expenditure, stressing that closer collaboration between federal, state, and local governments is now essential for meaningful development.
Bagudu made this known while receiving the newly appointed Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, who officially resumed duties at the ministry on Monday.
A Fragmented System Needs Alignment
According to a statement from the ministry, Bagudu pointed to recent deliberations at the National Economic Council, where policymakers identified poor coordination across tiers of government as a major bottleneck to progress.
With states controlling such a large share of public spending, he emphasized that aligning policies and priorities is critical to ensuring that national development goals are not undermined by fragmented execution.
The $1 Trillion Economy Goal
At the center of the government’s economic strategy is an ambitious target set by President Bola Tinubu growing Nigeria’s economy to $1 trillion by 2030.
Bagudu explained that achieving this will require:
- Sustained annual growth of about 7 percent
- A coordinated rollout of reforms under the upcoming National Development Plan (2026–2030)
- Strategic alignment of investments and policies across all levels of government
He noted that the Ministry of Budget and Economic Planning will play a pivotal role as the country’s central planning authority, responsible for shaping economic strategy, coordinating policies, and advising the presidency.
Key Priorities to Drive Growth
To accelerate progress, the government is focusing on several critical areas:
- Increased investment in national security
- Sustained funding for major infrastructure projects
- Stronger enforcement against crude oil theft and illegal mining
Bagudu stressed that tackling these challenges is essential to stabilising the economy and unlocking growth potential, particularly in the extractive sector.
Strengthening Global Partnerships
The minister also highlighted ongoing efforts to deepen international cooperation, noting that Nigeria recently upgraded its relationship with China to a comprehensive strategic partnership.
The move has already led to new agreements aimed at boosting economic development, infrastructure, and investment inflows.
Private Sector Holds the Key
In her remarks, Uzoka-Anite underscored the importance of private sector leadership in achieving Nigeria’s economic ambitions.
She stated that up to 95 percent of the country’s growth would need to come from private sector activity, with government playing a more supportive role.
“The foundation for a $1 trillion economy is already being laid through ongoing reforms,” she said, expressing confidence in the administration’s direction.
Uzoka-Anite also highlighted her previous roles in government including positions in finance and trade as valuable experience she brings into her new assignment.
A Critical Moment for Economic Planning
The Permanent Secretary of the ministry, Dr Deborah Odoh, described Uzoka-Anite’s resumption as both timely and strategic, noting that her experience will strengthen the ministry’s leadership at a crucial period.
With Nigeria aiming for rapid economic expansion, the message from policymakers is becoming clearer: success will depend not just on ambitious plans but on how well all levels of government work together to execute them.
