Abuja: The Minister of Budget and National Planning, Sen. Atiku Bagudu, emphasized the necessity for Nigeria to attract at least 100 billion dollars in investments annually to achieve middle-income status by 2050. This declaration was made on Tuesday during a one-day policy dialogue on 'Deepening Legislative-Executive Synergy for Effective Economic Governance in Nigeria,' organized by the National Institute for Legislative and Democratic Studies (NILDS) in Abuja.
According to News Agency of Nigeria, Bagudu described the agenda 2050 as a realistic pathway to prosperity, asserting that President Bola Tinubu has shown the dream is achievable by taking unprecedented risks in developing nations, with positive results now emerging. He stressed the importance of bold decisions and enhanced cooperation between the legislature and the executive to avoid Nigeria falling further behind its global economic peers. Bagudu indicated that achieving the agenda requires substantial investments from both private and public sectors, structured into six medium-term plans starting from 2021-2025 and progressing in five-year phases until 2050.
Highlighting Nigeria's current economic challenges, Bagudu noted that as of June 2023, the country's revenue-to-GDP ratio was nine per cent, significantly lower than the EU average of 31 per cent, although recent reforms have increased it to 16 per cent. He compared Nigeria's federal budget of 36 billion dollars to Brazil's 700 billion dollars and Japan's 20 trillion dollars, pointing out the disparities that lead to different economic outcomes.
Rep. Afam Ogene, representing LP-Anambra, underscored the importance of such dialogues for maintaining political stability and breaking down complex economic issues for ordinary citizens. He raised concerns about the ongoing 2024 budget implementation issues as of September 2025 and the protests from local contractors demanding payments for completed 2024 projects. Ogene stressed the need for transparency in government to combat corruption and called for greater accountability and explanation from officials.
Prof. Abubakar Sulaiman, NILDS Director-General, explained that the dialogue aimed to align legislative oversight with executive reform priorities. Represented by Dr Shauibu Danwanka, Sulaiman highlighted Nigeria's economic fragility, characterized by high inflation, debt pressures, currency volatility, and weak growth. He called for a united approach from both government arms to address these challenges and emphasized the legislature's role in reinforcing reform implementation and ensuring accountability.
Inspector-General of Police, Mr. Kayode Egbetokun, commended the dialogue's organizers for uniting stakeholders to discuss the country's economic future. Represented by Commissioner of Police, Ms. Mary Obasi, Egbetokun stressed the importance of commitment to changing Nigeria's economic narrative and regaining respect on the global stage. He called for strategic measures and a clear roadmap to build a sustainable economy.