The Budget Minister says the president believes Nigeria can achieve Brazil’s economic scale, while defending subsidy removal and foreign exchange reforms as necessary steps towards long-term prosperity…..
Minister of Budget and Economic Planning, Atiku Bagudu, says President Bola Tinubu is targeting a $2 trillion economy for Nigeria, arguing that the country has the human capacity and natural resources to attain the economic status currently enjoyed by countries such as Brazil.
Bagudu made the disclosure on Tuesday in Abuja during the unveiling of the All Progressives Congress (APC) 2027–2031 manifesto, titled From Reforms to Prosperity.
The minister, who chaired the committee responsible for the manifesto’s unveiling, said Tinubu was determined to raise Nigeria’s economic ambitions rather than settle for modest growth targets.
He said the president had repeatedly questioned why Nigeria could not achieve the same economic scale as Brazil, which has an economy valued at approximately $2 trillion.
According to Bagudu, the president believes Nigeria has the resources and potential to reach that level if the right policies are sustained and effectively implemented.
Despite highlighting the administration’s economic progress, Bagudu acknowledged that many Nigerians were yet to experience meaningful improvements in their living conditions.
He said Tinubu remained conscious of the difficulties households and businesses were facing and had repeatedly emphasised the need to ensure that the benefits of economic reforms reached ordinary citizens.
The minister also pointed to feedback from the private sector during the recent Nigerian Economic Summit, saying business leaders had acknowledged progress in delivering on the administration’s investment commitments.
He added that companies were responding with investment plans that reflected growing confidence in the government’s economic direction.
However, Bagudu stressed that improved investor confidence and positive economic indicators would not be enough unless Nigerians, particularly low-income households and hardworking citizens, felt the impact of the changes.
He said the president had chosen to confront difficult economic realities rather than postpone necessary decisions for political convenience, insisting that the administration’s priority remained long-term prosperity.
The minister also defended some of the administration’s most significant economic decisions, particularly the removal of petrol subsidies and the unification of the foreign exchange market.
He described the policies as necessary interventions to address longstanding structural weaknesses that had constrained Nigeria’s economy.
Bagudu said the reforms were beginning to produce results, pointing to 13 consecutive quarters of economic growth, easing inflation and improvements in the foreign exchange market.
He nevertheless admitted that the government needed to intensify efforts to translate the reported gains into better economic conditions for Nigerians.
According to him, Tinubu has acknowledged that more work is required, despite the initiatives already introduced to expand economic opportunities across different sectors.
Bagudu said the APC’s 2027–2031 manifesto was developed through consultations involving government officials, policy specialists, civil society organisations, business leaders and Nigerians outside government.
He described the document as a continuation of the administration’s existing economic agenda, with additional proposals aimed at expanding prosperity, improving economic inclusion and strengthening productive sectors.
The minister added that members of Tinubu’s economic team remained confident in the administration’s policies, saying they regarded the strategies as their own and were committed to delivering on them.
The unveiling of the manifesto comes as the ruling party begins outlining its policy direction ahead of the 2027 general elections, with economic growth, investment and improved living standards expected to feature prominently in its campaign agenda.
