THE Federal Government (FG) is planning to invest $100 billion annually to address Nigeria’s economic challenges, the Minister of Budget and Economic Planning Atiku Bagudu announced yesterday.
Bagudu also stated that the recent nationwide protests against poor governance have prompted government officials to be more attentive and proactive in their responsibilities.
He acknowledged that the current economic difficulties stem from many years of underinvestment, but emphasized that the current administration is committed to correcting these issues to improve the country over the next 25 years.
This announcement coincided with comments from the President’s Chief of Staff, Femi Gbajabiamila, who noted that the nation is facing numerous socio-economic challenges that jeopardize the integrity of the national union.
Both officials spoke during the National Economic Dialogue 2024, organized by the Nigerian Economic Summit Group in Abuja.
The event, attended by leaders, policymakers, experts, and key stakeholders, was themed “Nigeria’s Economic Future: 25 Years of Democracy and Beyond,” reflecting on the country’s economic progress since returning to democratic governance in 1999.
In his address, Bagudu revealed the government’s goal of achieving $100 billion in annual investments to strengthen the Nigerian economy.
He said, “We desire a nation that is inclusive. Our aim is to elevate per capita income by 2050 and ensure that we invest at least $100 billion each year. However, based on our experiences over the past 25 years, we understand that this can be challenging as we navigate both pleasant and unpleasant choices while mobilizing both private and borrowed capital to fund our aspirations. We require more public resources to support our priorities.”
He added, “Even within a constitutional democracy, where each tier of government operates independently, our constitution and planning processes necessitate minimal cooperation between government levels and the private sector.
“For decades, we have relied on oil subsidies, which have been detrimental, even when oil prices peaked at $147. The net effect on the federation’s revenue or investment availability has been negligible; higher oil prices led to increased government spending on subsidies.
“We’ve been living in a state of denial. As uncomfortable as it may be, President Bola Tinubu has urged us to acknowledge the reality that we are not as wealthy as we believe. This isn’t shameful; countries that recognized this truth earlier than we have successfully made choices that have propelled them forward.”
Bagudu further stressed the need for more public funds to tackle the country’s priorities, emphasizing that the lack of income per capita is not due to a lack of effort