President Bola Ahmed Tinubu’s assent to the 2025 budget marks a significant fiscal milestone in Nigeria, showcasing improved efficiency in budgetary processes. Minister Abubakar Bagudu has effectively navigated legislative hurdles to secure budget approvals, leading to significant allocations for infrastructure, education, and health. His initiatives aim to enhance employment and poverty reduction, emphasizing data transparency and fiscal accountability.
President Bola Ahmed Tinubu’s approval of the 2025 budget signifies a crucial advancement in fiscal discipline, showcasing the administration’s dedication to improving budgetary procedures. Although the budget achieved approval two months later than the previous year, there have been substantial enhancements in the efficiency of budget reviews and legislative endorsements in recent times.
Minister Abubakar Bagudu, who began his term in August 2023, has displayed exceptional fiscal oversight by effectively navigating the legislative process, leading to the successful endorsement of the 2024 budget by January 2024. Experts attribute this progress to Bagudu’s profound background in economic governance, which includes roles such as special assistant to the Minister of National Planning, senator, and governor.
The 2025 budget, termed the “Budget of Restoration,” is currently in effect, guiding fiscal policies across Ministries, Departments, and Agencies (MDAs). As the Tinubu administration nears its second anniversary, there is a pressing need to assess the Ministry of Budget and Economic Planning’s contributions, particularly regarding economic recovery, job creation, and poverty alleviation.
Bagudu stated that budget allocations are in line with six national priorities, which encompass economic growth, food security, poverty reduction, capital accessibility, inclusivity promotion, and anti-corruption strategies. Particularly, evaluating the budget’s impact on employment and poverty alleviation is vital for assessing its overall effectiveness.
In his 2023 report, Bagudu highlighted the National Poverty Reduction and Growth Strategy (NPRGS) initiative, which has successfully generated over 67,000 jobs nationwide. The integration of geospatial analytics aims to optimize resources and enhance policy design, thereby improving access to social services and reducing deprivation.
The Bagudu-led ministry effectively implemented the NG-CARES program, designed to aid vulnerable populations impacted by the pandemic. This initiative has benefitted seven million households across 35 states and the FCT.
Despite facing public skepticism, Minister Bagudu prioritizes data transparency and fiscal responsibility, ensuring that the National Bureau of Statistics remains independent and provides timely economic data. Preliminary preparations for GDP rebasing have commenced, which will enhance Nigeria’s economic classification.
Furthermore, the 2025 budget marks a pivotal shift in resource allocation, with N4.06 trillion earmarked for infrastructure development, fostering significant projects like the Abuja-Kaduna and Lagos-Ibadan train lines, and the rehabilitation of key railway facilities. Education, health, and defense sectors also received substantial funding, indicating a prioritization of national needs.
The innovative application ‘Eyemark’ has been introduced to engage citizens and provide transparency regarding project implementation. Thus far, the ministry has effectively tracked over 500 federal projects funded in 2023, enhancing accountability and ensuring value for public expenditure.
Minister Bagudu’s 18-month tenure has established a paradigm of efficient governance, enabling timely budget delivery and critical sector prioritization. His leadership fosters a positive economic outlook for Nigeria, demonstrating a strong commitment to restoring fiscal stability and promoting sustainable growth through the 2025 budget.
In summary, President Tinubu’s recent budgetary reforms reflect a commitment to enhancing fiscal responsibility and efficiency in Nigeria. Minister Bagudu’s administration has prioritized critical sectors, introduced transparency measures, and facilitated job creation and poverty alleviation programs across the nation. As the country progresses under these reforms, the potential for economic recovery and growth appears promising, bolstered by effective monitoring and oversight measures.
Original Source: businessday.ng
