President Bola Ahmed Tinubu’s 2025 budget approval signifies enhanced fiscal processes, with Minister Abubakar Bagudu effectively managing budgetary challenges since August 2023. The “Budget of Restoration” focuses on job creation and poverty alleviation while prioritizing transparency and accountability in government spending. Innovative monitoring strategies and significant allocations to critical sectors mark a pivotal shift in Nigeria’s fiscal management.
President Bola Ahmed Tinubu’s approval of the 2025 budget signifies a pivotal fiscal shift, affirming the government’s dedication to enhancing budgetary processes. Although the approval occurred two months later than in 2024, the efficiency in reviewing budget proposals and securing legislative approvals has markedly improved in recent years.
Minister of Budget and Economic Planning, Abubakar Bagudu, who took office in August 2023, has effectively managed the 2024 budget’s legislative journey, obtaining presidential assent by January 2024. His extensive background in governance, from serving as a special assistant to the Minister of National Planning to his roles as a senator and governor, has equipped him to streamline this process.
The operationalization of the 2025 budget, referred to as the “Budget of Restoration,” is set to influence fiscal policies across government ministries and agencies. As the Tinubu administration approaches its second anniversary, an evaluation of the performance of the Ministry of Budget and Economic Planning is crucial, focusing on economic recovery and job creation initiatives aligned with six national priorities.
Key among these priorities is employment and poverty alleviation; Bagudu’s 2023 performance report highlights that the ministry’s coordination of the National Poverty Reduction and Growth Strategy (NPRGS) generated 67,038 jobs across 36 states and the FCT. Additionally, geospatial analytics are being utilized for better policy design, while insights from the Multidimensional Poverty Index aim to improve access to services and alleviate deprivation.
The ministry’s effective execution of the NG-CARES program, aiding seven million households affected by the COVID-19 pandemic, underscores its role in supporting vulnerable populations. Despite public skepticism, particularly influenced by social media, the minister emphasizes data transparency and fiscal accountability. He has maintained the National Bureau of Statistics’ independence, ensuring timely economic data releases for informed policy-making.
Bagudu’s administration has prioritized resource allocation towards national needs; allocations in the 2025 budget include N4.06 trillion for infrastructure, targeted at completing key railway projects and constructing additional transport facilities. Notably, defense, education, and health sectors received significant funding, particularly the highest health sector percentage since 2001.
The implementation and monitoring strategies introduced by Bagudu’s team, including the ‘Eyemark’ application for citizen feedback, showcase commitment to accountability in federal projects. With over 500 projects monitored in 2023, this innovative approach aims to ensure value for money.
In conclusion, Bagudu’s leadership has initiated a transformative period characterized by fiscal responsibility and strategic planning. His ability to deliver an efficient budget and emphasize critical sector prioritization is poised to positively influence Nigeria’s economic landscape. The 2025 appropriation act serves as a roadmap for economic recovery, job creation, and sustainable growth, reflecting the administration’s commitment to financial stability.
Abubakar Bagudu’s tenure as Minister of Budget and Economic Planning is marked by significant improvements in fiscal efficiency, accountability, and strategic funding allocation. The 2025 budget exemplifies these advancements, prioritizing critical sectors and employing innovative monitoring tools to enhance transparency. As Nigeria moves towards economic recovery, Bagudu’s approaches promise a sustainable and stabilized financial future.
Original Source: businessday.ng
