The Minister of Budget and Economic Planning, Abubakar Bagudu, has said Nigeria’s current budget remains too small to adequately address the country’s vast development challenges and infrastructure requirements.

Bagudu stated that the scale of investment needed to improve critical sectors such as infrastructure, education, healthcare and social services exceeds the resources currently available through government spending.

According to him, the country must continue efforts to expand revenue generation, improve tax collection and attract greater private-sector investment to bridge funding gaps and accelerate development.

The minister noted that while recent economic reforms are aimed at strengthening public finances, achieving sustainable growth will require increased investment and efficient allocation of resources.

He also stressed the importance of maintaining fiscal discipline, improving budget implementation and ensuring that public funds are directed toward projects that deliver measurable benefits to citizens.

Bagudu said Nigeria’s growing population and expanding economic needs make it necessary to pursue long-term strategies capable of supporting inclusive growth and improving living standards.

He added that stronger collaboration between the federal, state and local governments, alongside greater private-sector participation, would be essential for financing key development priorities.

The minister maintained that expanding the size and effectiveness of the national budget remains critical to achieving the country’s economic transformation goals and meeting the expectations of Nigerians.