Budget minister says Nigeria's economy too small for development needs, cites Brazil's 25x larger budget

Minister of Budget and Economic Planning Atiku Bagudu stated Monday that Nigeria's economy remains too small to meet development needs, citing its position as having one of the smallest budgets among the world's ten most populous countries. Speaking at a National Assembly media workshop, he noted Brazil's 2025 federal budget is at least 25 times larger than Nigeria's despite comparable population and federal structure.

Bagudu acknowledged this economic limitation explains why citizens' expectations often go unmet, questioning how Nigeria could deliver comparable outcomes with significantly fewer resources. He emphasized achieving the government's $1 trillion economy target requires increased revenue mobilisation, strategic investment, and responsible borrowing backed by public confidence.

The minister described the national budget as resulting from negotiations between the Executive, citizens, and National Assembly—which holds constitutional authority over appropriations. He urged media to help Nigerians understand budget provisions and verify questionable declarations, while cautioning against judging budget performance solely by capital expenditure since recurrent costs, salaries, security, and debt servicing are essential for government function.

Will Nigerians support increased revenue measures if transparently linked to tangible development outcomes, or demand stricter accountability on how existing limited resources are allocated across essential services?

SOURCE: https://www.channelstv.com/2026/09/28/nigerias-economy-too-small-to-meet-development-needs-bagudu/