Tag: Atiku Bagudu

  • Nigeria’s economy back on track – Budget Minister

    Nigeria’s economy back on track – Budget Minister

    Sen. Atiku Bagudu, the Minister of Budget and Economic Planning, says the President Bola Tinubu administration has implemented bold reforms that have positioned the nation’s economy for sustained recovery and growth, despite short-term pain.

    The minister said this while addressing State House Correspondents after a courtesy call on Tinubu in his Lagos residence on Saturday night.

    Bagudu commended the administration’s economic policies, stating that Nigeria is beginning to reap the fruits of long-overdue structural changes.

    “We’re not where we want to be, but these steps have turned the economy in the right direction,” he said.

    The minister emphasised that the Tinubu administration’s decision to end costly subsidies on fuel, foreign exchange and electricity, was pivotal.

    “Decades of underinvestment brought Nigeria to a point where even paying salaries was difficult.

    “By cutting these subsidies, we freed up resources. Today, subnational governments, states and local governments, have nearly tripled the funds they had before. That’s transformative,” Bagudu stated.

    The funds, Bagudu averred, were being channeled into infrastructure, agriculture, consumer credit, digital innovation and human capital development.

    “These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment,” he added.

    According to Bagudu, these reforms are already inspiring a resurgence of investor confidence.

    “One of the greatest differentiators between developed and developing countries is the level of investment. Both public and private.

    “We are now correcting years of neglect. That is a Herculean task and that is central to reforms.

    “There is a visible return of private capital, both domestic and international. Investors are taking Nigeria seriously again. They see a government that’s making tough but necessary choices,” he said.

    Bagudu likened the administration’s early efforts to laying a strong foundation.

    “When someone starts by filling the hole under a house, you might think they’ve done nothing because you don’t yet see the walls.

    “But President Tinubu has been honest. He said from the start: we’re in a hole, not because we want to blame the past, but because critical decisions were delayed for too long,” Bagudu said.

  • UPDATE: Budget Minister releases details of 2025 budget

    UPDATE: Budget Minister releases details of 2025 budget

    The Federal Executive Council (FEC) on Thursday proposed the sum of N47.9 trillion for the 2025 fiscal year for submission to the National Assembly on Monday.

    The Minister of Budget and Economic Planning, Atiku Bagudu disclosed this after the Council meeting chaired by President Bola Tinubu at the Presidential Villa.

    According to him, the Council pegged the price of crude oil at 75 dollar per barrel and proposed N1400 as exchange rate to a dollar with  oil production put at 2.06million barrels per day.

    Bagudu said that the budget proposal included new borrowings of N9.2 trillion to finance the budget deficit in 2025.

    The minister added that with the growth rate of 3.19 per cent as at the second quarter of 2024, the Federal Government would continue to tackle Inflation, strengthen economic resilience and provide more support for the economy.

    He also said that government would continue to support high employment generation sectors, improve business environment and effective implementation of youths development and social investment programmes.

    Bagudu also disclosed that FEC reviewed  the 2024 Budget implementation and acknowledged that the review revealed promising in revenue collection and expenditure management.

    ”Despite lacks in prorated target, the overall trajectory shows that fiscal effort are on track with key non-oil streams performing better than anticipated.

    Similarly, the minister said FEC approved the medium term expenditure framework and the fiscal strategy paper to be submitted to the NASS.

    ”This is in addition to the bills that are already at the National Assembly, the Economic Stabilisation Bill and Tax Reforms Bill , which we believe we will have a very strong growth in 2025,” he said.

  • BREAKING: FG proposes N47.9 trillion as 2025 budget

    BREAKING: FG proposes N47.9 trillion as 2025 budget

    The federal government has proposed N47.9 trillion as the national budget for the year 2025. TheNewsGuru.com (TNG) reports the Minister of Budget and Economic Planning, Atiku Bagudu disclosed this on Thursday.

    Speaking after the federal executive council (FEC) meeting presided over by President Bola Tinubu, Bagudu said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd).

    He also disclosed that the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 percent.

     

    Details shortly…

  • Hardship: There is light at the end of the tunnel – FG

    Hardship: There is light at the end of the tunnel – FG

    The Federal Government has assured Nigerians of better days ahead as it enacts policies aimed at revamping the nation’s economy.

    After coming to power last year, President Bola Ahmed Tinubu brought in reforms billed as a way to revive the economy and attract foreign investment.

    However, Nigerians have seen fuel prices soar and inflation hit a three-decade high since Tinubu ended a fuel subsidy and floated the naira currency.

    Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, assured Nigerians that despite the hardship in the land, there would be light at the end of the tunnel.

    “Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance.

    “Our GDP has been enhanced from 2.98 per cent growth in first quarter of 2024 to 3.19% in quarter two of 2024, inflation is trending downwards while external reserves are improving.

    “We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”

    According to the minister, Nigeria’s external trade balance improved slightly in Q2 of 2024 which shows the efficacy of the reforms of the current administration.

    “What has been achieved is a result of boldness, resilience and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive and stable environment,” he stated.

    He explained that the summit’s theme, ‘Collaborative action for growth, competitiveness and stability’ reflects the critical imperatives required to sustain the nation’s economic growth and development.

    Bagudu explained that the government is making consistent efforts to improve the lives of all Nigerians in line with the renewed hope agenda.

     

  • CSO rates Budget Minister, Atiku Bagudu high in ministerial performance appraisal

    CSO rates Budget Minister, Atiku Bagudu high in ministerial performance appraisal

    The Initiative for Transparent Leadership (ITL) has commended Senator Abubakar Atiku Bagudu, Minister of Budget and Planning, for his outstanding performance in promoting transparency, inclusivity, and sustainable development.

    At a press conference, the CSO praised Bagudu’s efforts in ensuring an equal spread of budgetary allocations across Nigeria’s six geo-political zones.

    The group said that marks a significant departure from previous administrations where certain regions were favored over others.

    In his address, Executive Director, Fabian Opialu said under Senator Bagudu’s leadership, the budget follows an even spread, ensuring that all six geo-political zones benefit from concrete projects that meet tangible realities on the ground.

    This level of accountability, he said, is unprecedented and highlights Bagudu’s commitment to transparency in governance.

    The CSO also commended the improved allocation of resources and their prioritization.

    Opialu lamented that previous administrations struggled with ensuring that key sectors such as education, healthcare, infrastructure, and security received the necessary funding.

    However, he noted that Senator Bagudu has worked meticulously to ensure that resources are allocated to projects based on national priorities and needs, rather than political considerations.

    Opialu further said that this has led to visible improvements in several key sectors across all regions of the country.

    He said Senator Bagudu’s actions have been firmly in support of President Tinubu’s Renewed Hope agenda, which prioritizes the economic integration of marginalized groups, particularly women and individuals with disabilities.

    The CSO added that the Minister has played a critical role in ensuring that these groups are not only included but are also empowered to contribute meaningfully to the economy.

    He said: “Unlike previous administrations where budget allocations often remained theoretical, under Senator Bagudu’s leadership, there has been a strong focus on implementation and monitoring of projects.

    “For the first time in many years, we are witnessing robust systems being put in place to monitor projects and their progress, ensuring that funds allocated to specific regions are utilized for the intended purposes. This level of accountability is unprecedented and highlights the commitment of Senator Bagudu to transparency in governance.
    “Furthermore, one of the most remarkable successes of the current administration is the improved allocation of resources and their prioritization. Previous administrations struggled with ensuring that key sectors such as education, healthcare, infrastructure, and security received the necessary funding.

    “However, Senator Bagudu has worked meticulously to ensure that resources are allocated to projects based on national priorities and needs, rather than political considerations. This has led to visible improvements in several key sectors across all regions of the country.

    “Another significant achievement under Senator Bagudu’s tenure is the periodic review of projects and programs to ensure conformity with the objectives laid out in the national development plan. The ability to adapt and make necessary changes to the implementation process is a sign of great foresight. Regular evaluations have allowed the Ministry to correct course when necessary, ensuring that projects remain aligned with the government’s overall goals of promoting inclusivity and sustainable growth.

    “Additionally, Senator Atiku Bagudu’s actions have been firmly in support of President Tinubu’s Renewed Hope agenda, which has inclusivity at its core. This agenda prioritizes the economic integration of marginalized groups, particularly women and individuals with disabilities.

    “Senator Bagudu has played a critical role in Ensuring that these groups are not only included but are also empowered to contribute meaningfully to the economy. Unlike in previous administrations where inclusivity was merely a slogan, the current administration, through Senator Bagudu’s efforts, has made tangible progress in integrating these groups into the economic system a realistic endeavor.

    “Another key governance issue that Senator Bagudu has helped address is youth unemployment. Nigeria’s youth population is one of the largest in the world, yet successive administrations have struggled to create meaningful opportunities for this demographic even on their meticulous planning, but only touching the surface.

    “Senator Bagudu has been a trailblazer in contributing practical strategies for implementing the administration’s youth empowerment policies in her budgeting and planning. Through initiatives such as vocational training, digital skills programs, and entrepreneurial support, young Nigerians are being equipped with the skills they need to thrive in a rapidly changing economy. This is a marked departure from previous administrations, where youth empowerment policies were often poorly implemented or underfunded.

    “Evidently, Senator Bagudu’s performance as Minister of Budget and Planning is underpinned by his great foresight. Amidst the noise and complaints surrounding critical economic reforms, such as the removal of fuel subsidies and the deregulation of the foreign exchange market, Senator Bagudu has remained steadfast in his support of these policies.

    “He has demonstrated a deep understanding of their long-term benefits for Nigeria’s economy, recognizing that short-term pain is sometimes necessary for long-term gain. His advocacy for these policies has helped to shape public discourse and build support for the administration’s reform agenda.

    The CSO recommended areas for improvement, including enhancing public engagement, intensifying monitoring and evaluation mechanisms, and expanding youth empowerment programs.

    Opialu emphasized the importance of transparency, accountability, and inclusivity.

  • Tinubu is monitoring the situation of #EndBadGovernance Protests – Bagudu

    Tinubu is monitoring the situation of #EndBadGovernance Protests – Bagudu

    The Minister of Budget and Economic Planning Atiku Bagudu has said President Bola Tinubu is monitoring the situation of #EndBadGovernance Protests.

    There have been calls for Tinubu to address the nation after the demonstrations entered the third day.

    However, Bagudu, said the Nigerian leader is well aware of the situation.

    “Mr President has been monitoring the situation, as he ought to. Very responsibly, and alert,” the minister said on Saturday during Channels Television’s special programme The August Protest — #EndBadGovernance.

    “I am a minister. I also have responsibilities. I have also been monitoring this thing. I have been noting this thing so that I can make inputs.”

    “We have been monitoring and listening carefully to hear what is being said and what noting them,” Bagudu said on the show.

    The Minister admitted the hardship facing Nigerians, said it was not peculiar to the country but the Federal Government is working to make life easier for the citizens.

    “The cost of living crisis is a crisis affecting many countries as we speak,” he said, adding that, “we would listen and we also value the inputs of Nigerians”.

  • Insertions into 2024 budget: No law was broken – Budget Minister

    Insertions into 2024 budget: No law was broken – Budget Minister

    The Minister of Budget and Economic Planning, Senator Atiku Bagudu has said no law was broken over the insertions made by the National Assembly (NASS) into the 2024 budget.

    TheNewsGuru.com (TNG) reports Senator Bagudu, who said this at a press conference in Abuja, stressed that the (NASS) did not violate any laws in regards to the reported new insertions in the 2024 budget.

    “Since 1999, it has been customary for the National Assembly to include new line items in the Appropriation Bill bill to fund specific projects in their constituencies,” Bagudu said.

    The Budget Minister went further to say this practice often results in an increase in the approved budget from what was initially presented by the President.

    TNG recalls the Senate had been rattled by a padding scandal after now-suspended Bauchi Central lawmaker, Senator Abdul Ningi claimed the sum of N3.7 trillion was padded into the 2024 budget.

    Subsequently, reports emerged that the insertions made by the NASS into the budget were not tied to any project. Ningi also claimed projects were skewed to favour some parts of the country in the 2024 budget.

    The Bauchi Central Senator was reported to have made the claims during a BBC Hausa Service interview last weekend.

    Following the allegations levelled against the red chamber, the Senate suspended Ningi, asking him not to participate in all the activities of the 10th Senate.

    Reacting to the development, Bagudu stressed that the NASS has the right to increase the budget line and that even if they pass an appropriation and the President refuses to assent, it becomes law after 30 days.

    “There has been a long debate, and a former president went up to the Supreme Court to define the appropriation power of the executive and the National Assembly.

    “Later, there was an out-of-court settlement. Until now, this issue has not been resolved.

    “So, what is the power of the National Assembly as regards the budget? There is no Supreme Court judgement, and the choice of our democracy is that the National Assembly has the last word.

    “Even when they pass an appropriation, that assent is refused, and after 30 days, it becomes law.

    “Do they have the right to increase a budget line? I will say yes,” Bagudu said.

    He also mentioned that there is a misunderstanding regarding why budgets for agencies classified as statutory transfers do not have their budget line items disclosed.

    He said: “These are transfers for agencies that are created by the constitution or legislation. So, they have the right to draw up their own budget.

    “They can be supervised by a committee, but it is not the federal government that appropriates for them; the most popular ones are the NJC, FCT, Tertiary Education Trust Fund, NEDC, NDDC, and others”.

  • Two Tinubu’s Ministers criticise fuel subsidy, Naira policies

    Two Tinubu’s Ministers criticise fuel subsidy, Naira policies

    Two ministers have openly expressed their dissatisfaction over the harsh effects on the economy of fuel subsidy removal and floating of the Naira, introduced by their principal, President Bola Ahmed Tinubu.

    The Minister of Budget and Planning, Atiku Abubakar Bagudu and his counterpart in the Ministry of Agriculture Senator Abubakar Kyari, picked holes in the economic policy of the present administration at a public forum on Friday.

    Both spoke at a session with the joint Committee of the Senate: the Committee on Finance; Banking, Insurance and other Financial Institutions Committee and Appropriation Committee.

    The senators grilled the ministers for over three hours, seeking explanations for the current economic hardship, particularly inflation, exchange rate crisis, insecurity and food scarcity that have forced Nigerians to start protesting publicly in some states of the federation.

    Speaking to the committee, Bagudu, the Minister of Budget noted that the removal of fuel subsidies instigated a high cost of petroleum with its ripple effect on transportation of goods and high cost of farm produce.

    The former acting national chairman of the All Progressives Congress (APC) lamented that the devaluation of the naira had put neighbouring countries at an advantage to buy cheaper farm products from Nigeria which are now consequently smuggled across the border by peasants.

    “What we are faced with today is the undocumented export of food to our neighbouring countries. Today, one CFA is N2.50, that is to say, 100 CFA is N2,200. That used to be N400 a few years ago.

    When you look at our neighbouring countries, all four neighbouring countries around us, the CFA is their currency and because of the devaluation of the naira, our food is the cheapest around the neighbourhood. So, you find a lot of undocumented exports, smuggling across our porous borders to these neighboring countries.”

    The minister, who said the Federal Government might be compelled to again seal up the borders against the country’s neighbours, expressed concern over unrestrained exportation of certain farm produce by nationals of China, India and Turkey who earned foreign exchange from it while the country earns nothing in return.

    He said: “The other angle that we have over the period is the unavailability of foreign exchange. A lot of investors, Indians, Chinese, Turkish, that are operating in this country buy our crops that are sought after outside, like soya beans and buy them at exorbitant prices just to earn foreign exchange. When they go outside there to earn foreign exchange, the worst part is that most of these monies are not repatriated back to us.

    “Export is a good thing for us but when you don’t earn the foreign exchange and it is not repatriated back to us, and government doesn’t have any income from it, I am sorry, that is not a good sign.

    “So, what we are trying to do here is to ramp up production. I think it is an issue of economics, between supply and demand, but unfortunately we have to see how we can secure food for our 230 million citizens and at the same time if this economic situation continues, then you have to seal up the borders which is against the ECOWAS issue.”

    Kyari’s counterpart in the Ministry of Budget and Planning, Atiku Abubakar Bagudu, noted that the removal of fuel subsidy is also affecting planting by farmers.

    Bagudu said: “The benefits of fuel subsidy reforms have to be supported by measures that will guarantee food production and stability.

    “From our perspectives, particularly from budget and planning, there are places today in about 18 states in the country where you can still plant rice for the dry season farming, including the constituency of the chairman of the national planning in five local governments where, if care is not taken, not for reasons of insecurity, 70 percent of the planting areas might not be cultivated because of fuel cost.

    “It is the same thing in a number of places in the constituency of my brother, Senator Adamu Aliero. The balancing of the reforms and ensuring the necessary measures are implemented urgently in order to ensure that we support the reforms is the point made by Senator Aliero. And the commendable act of removing fuel subsidy needs to be supported by measures that support domestic production in order to achieve the full impact.”

    As the senators grilled members of the Economic Management Team, they asked the Federal Government to end the pain of Nigerians by applying urgent, workable solutions in its economic recovery policies.

    The team, which was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, appeared before the joint Senate committee co-chaired by senators Sani Musa and Adetokumbo Ashiru.

    Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cadoso, was also in attendance.

  • UPDATE: See benchmark of 2024 budget

    UPDATE: See benchmark of 2024 budget

    The Federal Government on Monday proposed the sum of N26.01 trillion as 2024 budget based on crude oil price benchmark of $73.96 and 21 percent interest rate.

    Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House Correspondents at the end of the Federal Executive Council (FEC) meeting on Monday in Abuja.

    He said that the budget would be presented to the National assembly before the end of the year since President Bola Tinubu was already engaging with the legislative arm towards getting their buy-in.

    He said that the budget was expected to consolidate on the various economic reforms initiated by the present administration aimed at improving the standard of living of Nigerians and attracting investors.

    Bagudu said that assumption of the budget was based on the various diplomatic engagements by the president and other government functionaries that were expected to improve inflow and boost exchange rate.

  • BREAKING: FG proposes N26 trillion as 2024 budget

    BREAKING: FG proposes N26 trillion as 2024 budget

    The Minister of Planning and Budget, Atiku Bagudu has disclosed that the federal government is proposing a national budget of N26 trillion for the year 2024.

    TheNewsGuru.com (TNG) reports Bagudu disclosed the N26 trillion year 2024 budget following the federal executive council (FEC) meeting held on Monday at the presidential villa, Abuja.

    According to the Minister, the 2024 budget proposal would be submitted to the National Assembly (NASS) before December 31.

    Details shortly…