The Minister of Budget and Economic Planning, Atiku Bagudu, has urged Nigerians to remain optimistic, stating that President Bola Tinubu’s policies to transform the country are already yielding positive results. Bagudu shared this opinion in Abuja at a National Policy Summit organized by President Bola Ahmed Tinubu (P-BAT) Academics and Professionals. The summit had the theme: “Activating the Policies and Promises in President Tinubu’s Renewed Hope Agenda.”
Bagudu acknowledged that the president has been working diligently since assuming office, despite limited resources. He explained that sometimes, to rebuild, one may have to endure some inconvenience. Bagudu emphasized that Nigeria is blessed but has been operating on an insufficient budget for decades, particularly under democracy. He noted that Nigeria has the smallest budget of all the countries in the world with populations of 150 million and above. According to Bagudu, a study by the Organisation for European Economic Cooperation and Development (OECD) revealed that Singapore spends between 20,000 to 27,000 pounds, followed by the United States, where different states spend between 10,000 to 14,000 dollars. Brazil, Mexico, and China spend between 4000 to 800 to 5000 to 700 dollars.
Bagudu further explained that the OECD study extrapolated that for a good primary education system, a country should spend at least 700 dollars. He called for a fundamental rethinking of Nigeria’s economic policies and urged leaders to contextualize beyond the polity to avoid the blame game, which President Tinubu is doing.
Bagudu emphasized the need for insightful leaders willing to accept challenges and take on new ideas. He noted that Nigerians had a reason to be optimistic because they had found a leader in Tinubu who had previously transformed Lagos from what it used to be through inclusive leadership. Bagudu stated that Tinubu believes in inclusion and has practised it in Lagos by creating a state that worked for all, carrying everyone along and allowing them to excel.
Bagudu added that Tinubu’s policy to grow the economy from less than 500 billion GDP to a trillion Naira GDP in three years requires boldness and risk-taking with support from his leadership. He also mentioned that the decision to remove fuel subsidy is a necessary step that although painful, needed to be taken to lead to a better future. Bagudu believes that some of the measures taken under the president’s leadership will lead to a better tomorrow.