The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, today in Abuja, addressed concerns related to the allegation of budget padding made by Senator Abdul Ningi; drawing from his understanding of the system and budgetary processes. The Minister also reaffirmed federal government’s commitment to upholding democratic principles.

While highlighting key developments during a media briefing in his office, surrounding the 2024 national budget, Sen. Bagudu disclosed that the President presented a budget of N27.503 trillion to the National Assembly but due to the current exchange rate and increased contributions from government owned enterprises, the National Assembly in its wisdom, increased it to N28.77 trillion which reflects a concerted effort to optimize revenue streams.

He disclosed the innovative provisions of the budget aimed at catalyzing economic growth and addressing critical national priorities saying that N100 billion had been provided to support consumer credit which would strengthen the manufacturing sector thereby stimulating economic activities within the country.

Bagudu explained that the National Agricultural Development Agency was created to help sectors that were otherwise difficult to fund and it was designed to attract more funding from private investors to also grow funds.

The Minister further disclosed that a project preparation fund had been established with a budgetary allocation of N21 billion; an initiative by President Bola Ahmed Tinubu. The fund, he said, was meant to assuage transformative projects and engage stakeholders across the infrastructure ecosystem. He also revealed that the President had invested in mortgage financing and clean energy transition which was a proactive step in addressing challenges Nigerians were experiencing.

Sen Bagudu therefore assured of the current administration’s commitment to fiscal responsibility and inclusive development but urged MDAs to identify their priority areas. He reassured Nigerian that the President had taken bold reform measures that were meant to ameliorate the pains of the vulnerable.

Julie Osagie-Jacobs
Director Information (BEP)
14th March, 2024