Abubakar Atiku Bagudu
Minister of Budget and Economic Planning, Senator Abubakar Bagudu has said the country must develop a sound financial system with integrity to attract more resources to fund its development agenda.
He spoke at the management retreat of the Nigerian Financial Intelligence Unit in Abuja.
The minister noted that, “Our Agenda 2050, a statement of our national aspiration, requires that we invest at least 100 billion dollars annually to achieve a GDP per capita of $33,000 or more by 2050. We are nowhere near that.”
He said the current financing level was smaller than that, adding that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue.
Bagudu said, “However, we still need to be where we should be; we are not near the kind of flows we expect.”
The minister cited the $20 billion federal budget size, which he said was too small compared to 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 said, “The plan is to use private sector or capital market money to fund the plan. Because of that, we need confidence, integrity, and soundness in our financial system. The rating agencies could be more generous with us, maybe not only with us but with all countries.”
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.
In a statement, he said, “Our credit rating should improve. We have taken measures similar to those in countries that have achieved significant increases in credit ratings.
“We have established and committed institutions, particularly the NFIU, and should benefit from them.
“Communication matters, so we reinforce and punish wrongdoing while drawing attention to our great work to enhance the integrity and soundness of our financial assistance.”
James Emejo
Follow us on:
The Supreme Court is set to hear oral arguments on January 10 to decide the…
A Brazilian judge ordered the global removal of Adele’s song “Million Years Ago” over plagiarism…
The Democratic Republic of Congo has filed criminal complaints in France and Belgium against Apple…
The EPA has granted California approval to ban new gasoline-powered cars by 2035, but Trump…
Trump has filed a lawsuit accusing a newspaper and polling firm of “brazen election interference”…
Power has been restored in Kenya after a six-hour nationwide blackout on Wednesday, that disrupted…
View Comments
Golf 2,3,4 ₦650,000 - #1million
PEUGEOT 206 #650,000
PEUGEOT 306 #800,000
PEUGEOT 307 #1,000,000
PEUGEOT 406 #1,200,000
PEUGEOT 407 #1,300,000
PEUGEOT 504 #1,500,000
PEUGEOT J5 #1.500,000
TOYOTA CAMRY 2.2 TING-A-LING HT ₦2,000,000
TOYOTA CAMRY BIG-DADDY ₦4,000,000
TOYOTA CAMRY MUSCLE ₦4,000,000
TOYOTA CAMRY SPIDER ₦3,500,000
TOYOTA AVALON ₦3,000,000
TOYOTA AVENSIS ₦2,500,000
TOYOTA COROLLA ₦2,500,000
TOYOTA YARIS ₦1,500,000
TOYOTA MATRIX ₦2,000,000
TOYOTA PICNIC ₦2,000,000
TOYOTA SIENNA ₦4,800,000
TOYOTA VENZA ₦4,000,000
TOYOTA RAV4 ₦4,000,000
TOYOTA 4RUNNER ₦4,500,000
TOYOTA HIANCE -BUS ₦5,500,000
TOYOTA HIGHLANDER ₦6,500,000
TOYOTA LAND CRUISER ₦8,000,000
TOYOTA TUNDRA ₦9,000,000
TOYOTA PRADO ₦9,000,000
MERCEDES-BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000
NISSAN ALTIMA ₦6,500,000
NISSAN ARMADA ₦6,500,000
NISSAN MAXIMA N2,000,000
NISSAN MURANO ₦6,000,000
NISSAN PRIMER ₦6,000,000
NISSAN PATHFINDER ₦6,000,000
HONDA ACCORD ₦2,500,000
HONDA CITY ₦2,000,000
HONDA CIVIC ₦2,500,000
HONDA C-RV ₦3,000,000
HONDA CROSS TOUR ₦1,500,000
HONDA ELEMENT ₦2,000,000
HONDA EVILSPIRIT ₦1,500,000
HONDA ODYSSEY ₦1,200,000
HONDA PILOT ₦5,500,000
LEXUS IS300 #2,500,000
LEXUS Ex300 #3,000,000
LEXUS Ex330 #3,500,000
LEXUS Ex350 #4,000,000
LEXUS RX300 #3,000,000
LEXUS Rx330 ₦3,500,00
Lexus Rx350 ₦4,500,000
LEXUS Rx460 ₦5,200,000
LO8O__6739__9O9O