Nigeria’s national budget must be significantly expanded to match the country’s ambition of building a $1 trillion economy, Minister of Budget and Economic Planning Abubakar Bagudu has said.
Bagudu said Nigeria could not achieve its development ambitions while operating with one of the smallest national budgets among the world’s 10 most populous countries.
He spoke on Monday in Abuja at the 2026 Capacity-building Workshop of the Senate Press Corps, themed, “Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertions.”
The minister said the country needed to reconsider how its budgets were formulated, arguing that spending plans should not be determined solely by resources currently available to the government.
“Perhaps the starting point for this discussion should be: What should the national budget be? Because without starting from there, maybe we will not reach the right conclusion,” Bagudu said.
“I don’t have one definitive answer, but I would say that of the 10 most populous countries in the world, Nigeria has the smallest national budget.”
Bagudu linked the budget debate to President Bola Tinubu’s Renewed Hope Agenda and Agenda 2050, saying the country must determine the resources required to achieve its long-term development objectives.
He said Nigeria should consider how to build a $1 trillion economy within the next four years while ensuring that economic growth is inclusive.
“How can we, as a step towards that wider dream, generate a $1 trillion economy in the next four years? And not just a $1 trillion economy, but a $1 trillion economy that includes everyone?” he asked.
The minister compared Nigeria’s budget size with that of Brazil, another large federal economy, saying Brazil’s 2025 budget was at least 25 times the size of Nigeria’s.
He questioned whether Nigeria could expect to achieve comparable development outcomes without mobilising substantially more resources.
“Should we continue with a budget that gives our populace one of the smallest budgets among comparable countries? Or should we imagine how we can mobilise more resources?” Bagudu said.
He also defended the role of the National Assembly in the appropriation process, saying lawmakers were constitutionally responsible for considering the needs of their constituents.
According to him, some budget provisions that may appear unnecessary at the national level could reflect genuine priorities in particular communities.
He cited water projects in communities where residents still rely on animals and motorcycles to fetch water, as well as freezers provided to fishing communities to preserve their catch.
On borrowing, Bagudu said government’s borrowing capacity was constrained by both legal limits and public confidence.
“What the law allows you to borrow is both limited and a function of public confidence. If people do not support borrowing, the National Assembly will not allow borrowing,” he said.
The minister also argued that recurrent expenditure should not automatically be regarded as less valuable than capital spending.
He said personnel expenditure was necessary for the delivery of security, education, human capital development and other public services.
“Personnel cost performance is not simply a misnomer. It is a very important achievement in the delivery of security, services, human capital development and education,” Bagudu said.
On alleged unlawful budget insertions, he said stakeholders needed to establish a clear definition of what constitutes an unlawful insertion rather than treating every legislative amendment as irregular.
He acknowledged that errors could occur in the budget process because it involves multiple institutions and individuals, stressing the need for continued vigilance by the media and legislative oversight bodies.
Bagudu also called for a balance between transparency and national security considerations, saying some government spending could not be disclosed in full where doing so could compromise strategic operations.
Meanwhile, Senate President Godswill Akpabio, represented by Senate Committee on Media and Public Affairs Chairman Yemi Adaramodu, called for stronger collaboration between the National Assembly, media and civil society organisations to improve scrutiny of the budget.
Adaramodu urged parliamentary journalists to understand legislative procedures and budget processes to ensure accurate reporting and strengthen public accountability.
Taiye Odewale, Chairman of the Senate Press Corps, said controversy over an alleged N1.3 billion allocation to the non-existent Presidential Foreign Intervention Promotion Council highlighted the need for stronger checks on budget entries.
He said the allocation was not part of the N9.853 trillion added by the National Assembly to the N58.47 trillion executive proposal that produced the N68.32 trillion 2026 budget.
Ebu Emmanuel, representing the Civil Society Legislative and Advocacy Centre, called for budget provisions to be properly justified, costed and measurable.
Vahyala Kwaga, Country Director of BudgIT, said legislative scrutiny often focused heavily on appropriations rather than whether public policies and projects delivered their intended outcomes.
He recommended that the Medium-Term Expenditure Framework and Fiscal Strategy Paper be submitted to the National Assembly at least 90 days before the end of the financial year.
Speakers at the workshop also highlighted artificial intelligence as a potential tool for budget reporting. Adeola Ademokoya, Nigeria representative of Mass Media LCC Texas Consultant, said AI could assist journalists in analysing lengthy budget documents, identifying unusual figures and possible duplications, and generating questions for budget defence sessions.
She, however, said journalists should independently verify AI-generated findings, seek responses from relevant authorities and apply editorial judgement before publication.
Bagudu said the budget conversation should ultimately focus on the outcomes Nigeria wants to achieve, the resources required to deliver them and how those resources can be mobilised while maintaining public confidence, accountability and transparency.
