Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has said Nigeria’s national budget is too small to meet the country’s development needs, given its large and growing population.
Bagudu made the remarks on Monday, September 28, 2026, during a media workshop at the National Assembly. He said Nigeria has one of the smallest national budgets among the world’s 10 most populous countries.
The minister attributed the situation partly to Nigeria’s low revenue to Gross Domestic Product ratio, saying the country’s limited fiscal capacity makes it difficult for the government to provide infrastructure and other essential services at the level citizens expect.
Bagudu compared Nigeria with countries with similar population sizes, particularly Brazil. He noted that Brazil’s federal budget is significantly larger than Nigeria’s, raising questions about how Nigeria can achieve comparable development outcomes with substantially fewer resources.
He said Nigeria’s ambition of building a $1 trillion economy must be matched by a budget capable of supporting that level of development.
According to him, increasing government revenue, attracting investment and, where necessary, borrowing could provide additional resources for economic transformation. However, he stressed that increased borrowing would require public confidence and legislative approval.
Bagudu also urged lawmakers and the media to focus on broader questions surrounding Nigeria’s fiscal capacity, including how the country can mobilise more resources while ensuring accountability and responsible use of public f
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