Minister of Budget and Economic Planning Senator Abubakar Bagudu has said Nigeria needs to attract more resources than it has to fund its development agenda. For this to happen, the nation must develop a sound financial system with integrity
He spoke at the management retreat of the Nigerian Financial Intelligence Unit in Abuja noting that the 2050 Agenda of National Aspiration requires investment at least 100 billion dollars annually to achieve a GDP per capita of $33,000 or more by 2050.
The minister revealed that the current financing level is smaller than that but explained that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue. To buttress his point, he cited the $20 billion federal budget size, which he said was too small compared with other countries like Brazil and Indonesia, which have similar population sizes and have $750 billion and $210 billion budgets, respectively.
The minister explained that Nigeria needs a sound financial system to attract domestic and foreign investments to finance its development plan. He stated that this was the role of the NFIU, which he said had performed creditably but needed to communicate its activities more effectively for the public to acknowledge.
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