By Fatima Saka
The Joint Committees of the Senate and House of Representatives on National Planning have reaffirmed their commitment to strengthening fiscal governance and accelerating Nigeria’s march toward a $1 trillion economy, insisting on measurable performance outcomes and credible economic projections.
The committees made the commitment during an oversight session with the Federal Ministry of Budget and Economic Planning and its agencies, convened in line with Section 88(3) of the Constitution, which empowers the National Assembly to oversee Ministries, Departments and Agencies (MDAs).
Co-Chairman of the Joint Committee, Yahaya Abdullahi, apologized for the delayed commencement of the session and emphasized that the engagement was not merely a review of expenditure but a strategic evaluation of Nigeria’s economic trajectory.
“This session is not only about what has been spent. It is about how we intend to grow, how we are progressing, and how we plan to achieve our economic targets,” he stated.
While acknowledging measurable progress in economic stabilization and reforms, Abdullahi stressed that achieving the ambitious $1 trillion economy target requires stronger planning frameworks, credible macroeconomic projections, and measurable implementation benchmarks.
The Joint Committee requested detailed briefings from the ministry on the actual 2024 budget performance, development assistance received, project titles and locations, beneficiary impact, key implementation activities for 2025, and projections and priorities for 2026 and beyond.
Responding, the Minister of Budget and Economic Planning, Abubakar Bagudu, outlined the Federal Government’s reform efforts under President Bola Ahmed Tinubu, describing them as one of the most comprehensive economic reform packages undertaken in Nigeria’s history.
Bagudu disclosed that Nigeria’s reform trajectory has attracted global recognition from institutions such as the World Bank and the International Monetary Fund, which recently acknowledged Nigeria’s contribution to global growth and fiscal restructuring efforts.
He explained that reforms in fiscal federalism have significantly improved sub-national revenues, with states receiving substantially higher allocations compared to previous years, describing the development as a milestone in strengthening Nigeria’s constitutional federal structure.
The minister also highlighted key development partner interventions supporting the reform agenda, including a $1 billion support package for primary healthcare, education, and governance reforms; the $500 million Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme; and project preparation support agreements with the International Finance Corporation.
On budget implementation, Bagudu acknowledged constraints such as rising global interest rates, debt servicing pressures, and exchange rate fluctuations, but expressed optimism that ongoing reforms would improve inflation trends and boost domestic production.
The Committees reiterated the need to align the National Development Plan with annual budgets to ensure performance-based resource allocation and measurable economic outcomes.
The session ended with a renewed commitment from both the Legislature and the Executive to deepen collaboration in advancing Nigeria’s development priorities as the country moves toward 2026 and beyond.
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