By Akinsuroju Olubunmi
Budget deficit spurs urgent action
Budget Deficit Spurs Urgent Action: Nigeria’s federal budget stands at just $20 billion, a stark contrast to the budgets of other populous nations like Indonesia and Brazil, according to the Minister of Budget and Economic Planning, Senator Atiku Bagudu. Speaking at the launch of ActionAid Nigeria’s Country Strategy Paper titled “Citizens’ Action Against Poverty and Injustice (2024-2034)” in Abuja on Thursday, Bagudu highlighted the pressing need for Nigeria to confront its economic reality.
He pointed out that while Indonesia’s federal budget is around $210 billion and Brazil’s hovers at $700 billion, Nigeria’s budget has only peaked at $35 billion. Bagudu questioned the nation’s aspirations, asking, “Do we want to be like Brazil? Or do we want to be like Indonesia? Can we achieve their progress with our current level of spending? We must confront this reality, much like a family gathering to acknowledge that we are not as wealthy as we assume.”
The minister emphasized the importance of collective action, urging both the government and citizens to address what he called “decades of under-investment” in the country. He stressed that this issue is not the result of any single administration but rather the culmination of years of insufficient funding.
ActionAid’s Country Director, Andrew Mamedu, also addressed the audience, stressing the critical need for the Strategy Paper. He warned that without immediate action to address the current poverty levels, future generations would suffer the same fate. Mamedu pointed out that 133 million Nigerians live in multidimensional poverty, lacking not only financial resources but also access to essential services like education, healthcare, and clean water.
Budget Deficit Spurs Urgent Action