Minister of Budget and Economic Planning, Senator Abubakar Bagudu, Monday reaffirmed the federal government’s commitment towards achieving $1 trillion economy by 2030.
Bagudu reiterated the importance of strong policy coordination and strategic planning, adding that the $1 trillion economy aspiration would be pursued vigorously.
He spoke while receiving the new Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, on her assumption of duty on Monday.
The minister said the President Bola Tinubu administration planned to achieve the objective by growing the economy at seven per cent annually, explaining that the upcoming National Development Plan (2026–2030) will guide economic reforms, investment priorities, and development initiatives across the country.
In a statement, Bagudu welcomed Uzoka-Anite’s appointment and told her that, as the official planning authority of the country, the Federal Ministry of Budget and Economic Planning was responsible for preparing and coordinating national development plans, harmonising fiscal and economic policies, providing policy advice to the president, and coordinating development initiatives across the federal, state, and local levels.
The minister recalled recent discussions at the National Economic Council (NEC), which identified several key policy priorities to accelerate national development, including improved coordination among federal, state, and local governments, especially since state governments accounted for about 48 per cent of public expenditure.
He said other priorities involved increasing investment in security, securing ongoing funding for transformative infrastructure, and strengthening enforcement against illegal activities in the extractive sector, particularly crude oil theft and illegal mining.
Bagudu stated that the ministry continued to coordinate international development partnerships to support Nigeria’s economic growth. He explained that one recent milestone was the upgrade of bilateral relations between Nigeria and China to a comprehensive strategic partnership, which had led to several cooperation agreements focused on economic development.
In her response, Uzoka-Anite stated that for Nigeria to attain the desired level of growth, 95 per cent of economic development must be driven by the private sector, with the federal government contributing five per cent.
She advised that the Renewed Hope Agenda should be led by the private sector to achieve its objectives.
According to her, “I have no doubt that Mr President can achieve the $1 trillion economy, as he has started by laying the foundation for that to happen through the introduction of economic reforms and the implementation of the National Development Plan (NDP).”
She took the opportunity to thank the president for the chance to serve in his administration in various roles, first, as Minister of Industry, Trade and Investment, then as Minister of State for Finance, and now as Minister of State for Budget and Economic Planning.
Permanent Secretary, Ministry of Budget and Economic Planning, Dr. Deborah Odoh, welcomed the minister of state’s assumption of office at a critical period when the government hoped to significantly drive growth.
Odoh said, “We are confident that your distinguished experience in public service, finance, and economic management will further strengthen the ministry’s work as we continue to advance the government’s economic reform agenda and improve the quality of national planning and budgeting.”
Odoh hoped that Uzoka-Anite’s insights, guidance, and engagement would add value to the work of the ministry and its agencies.
She said the new minister’s presence would undoubtedly help strengthen the collective capacity of the leadership team as the management continues to deliver on the ministry’s mandate in support of the president’s Renewed Hope Agenda.
James Emejo
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