President Bola Ahmed Tinubu’s approval of the 2025 budget marks a pivotal moment for Nigeria, showcasing improvements in fiscal processes under Minister Abubakar Bagudu. Key highlights include significant sector allocations, emphasis on poverty alleviation, and enhanced transparency in data management. The 2025 budget aims to drive economic recovery and job creation while integrating digital monitoring systems to ensure accountability.
President Bola Ahmed Tinubu’s approval of the 2025 budget signifies a new era in Nigeria’s fiscal governance, highlighting improvements in budgetary processes. Although the assent came two months later than the 2024 budget, the efficiency in proposal reviews and legislative approvals has markedly advanced.
Abubakar Bagudu, the Minister of Budget and Economic Planning, has played a crucial role in managing the budget, demonstrating adeptness by navigating legislative challenges swiftly and securing approval by January 2024, despite assuming office only in August 2023. His prior experience in government positions has been pivotal in ensuring this efficiency.
The 2025 budget, termed the “Budget of Restoration,” has begun to guide fiscal policies across various governmental agencies. As Nigeria’s administration nears its second year, scrutinizing the Ministry of Budget and Economic Planning’s outcomes in recovering the economy, fostering job creation, and alleviating poverty becomes essential. Bagudu confirmed alignment of budget allocations with six national priorities, including economic growth, job creation, food security, and poverty reduction.
Evaluating the budget’s effectiveness involves analyzing its effects on employment and poverty alleviation. In his performance overview for 2023, Bagudu noted that over 67,000 jobs were generated through initiatives linked to the National Poverty Reduction and Growth Strategy (NPRGS) across Nigeria. Additionally, geospatial analytics are being implemented to optimize resources and enhance policy design based on insights gleaned from poverty reports.
The Bagudu-led Ministry efficiently coordinated the NG-CARES program, which supports vulnerable populations impacted by the COVID-19 pandemic, claiming provision of aid to seven million households. Acknowledging public skepticism regarding data transparency, the Minister has actively promoted fiscal accountability, ensuring the National Bureau of Statistics remains independent and releases critical economic data timely.
Under Bagudu’s leadership, substantial budget allocations toward essential sectors have marked a departure from prior administrations. The 2025 budget earmarked N4.06 trillion for infrastructure, prioritizing projects such as the Abuja-Kaduna railway and health sector allocations, which reached their highest percentage since 2001.
The digital monitoring of budget implementation has also been noteworthy, with the “Eyemark” application established to engage citizens’ feedback on government projects. Over 500 projects funded by the 2023 budget were monitored for efficiency and fiscal responsibility.
In summary, Abubakar Bagudu’s leadership appears to be forging a path toward enhanced fiscal accountability and strategic planning, evidenced by timely budget approvals and significant sector prioritization. The 2025 appropriation act is envisioned as a crucial strategy for fostering economic recovery and sustainable growth, as his contributions continue to assert dedication to restoring Nigeria’s fiscal stability.
In conclusion, the reforms and initiatives spearheaded by Minister Abubakar Bagudu represent a transformative phase in Nigeria’s fiscal management. By prioritizing key sectors, enhancing transparency, and strategically allocating budgetary resources, the Bagudu-led Ministry is laying the groundwork for economic recovery and development. As Nigeria approaches a pivotal period in its governance, these efforts will be crucial in steering the nation towards sustainable growth and improved societal well-being.
Original Source: businessday.ng
