Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, addressed concerns regarding budget padding allegations raised by Senator Abdul Ningi during a media briefing held today in Abuja. Drawing from his expertise in budgetary processes, Senator Bagudu reiterated the federal government’s commitment to democratic principles while shedding light on critical aspects of the 2024 national budget.
During the briefing, Senator Bagudu disclosed that the President initially presented a budget of N27.503 trillion to the National Assembly. However, considering the current exchange rate and increased contributions from government-owned enterprises, the National Assembly exercised its discretion and increased the budget to N28.77 trillion. This adjustment reflects a collaborative effort to maximize revenue streams for national development.
Highlighting the budget’s innovative provisions aimed at stimulating economic growth and addressing national priorities, Senator Bagudu mentioned the allocation of N100 billion to support consumer credit. This initiative is poised to bolster the manufacturing sector, thereby driving economic activities across the country.
Senator Bagudu also elaborated on the establishment of the National Agricultural Development Agency, designed to provide funding support to sectors facing financial challenges and attract private investments. Additionally, a project preparation fund with a budgetary allocation of N21 billion, spearheaded by President Bola Ahmed Tinubu, aims to facilitate transformative projects and engage stakeholders in the infrastructure sector.
Furthermore, the Minister unveiled the President’s investments in mortgage financing and clean energy transition, highlighting proactive measures to alleviate challenges faced by Nigerians. He reassured the public of the administration’s dedication to fiscal responsibility and inclusive development while urging Ministries, Departments, and Agencies (MDAs) to identify their priority areas.
In closing, Senator Bagudu emphasized the government’s commitment to implementing bold reform measures aimed at mitigating the hardships faced by vulnerable segments of society, underscoring a comprehensive approach to national development and welfare enhancement.
