Bagudu Seeks Collaborative Efforts to Exit Economic Challenges
The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, says Nigeria needs collaborative efforts of all stakeholders to exit the present economic challenges.
A statement by Bolaji Adebiyi, his Special Assistant on Media, said Bagudu spoke at the launch of ActionAid Nigeria Country Strategy Paper, in Abuja on Thursday.
Adebiyi quoted Atiku as saying that the choices needed to be made to revive the economy were not the preserve of government or anybody, but collective.
According to Bagudu, President Bola Tinubu’s administration does not believe in a blame game but in rallying Nigerians to confront the country’s economic challenges. By doing so, we can transform our ways; we can localise the challenge.
“We will find that, rather than being presumptuous and judgmental, we can collaborate and understand; localise the challenge; and everyone can contribute to making it better, instilling a sense of hope and optimism,” he said.
The minister said that rather than point fingers, it was better to appreciate that the crisis arose from several years of under-investment in critical sectors of the economy. He pointed out that the solution was to share experiences with countries that faced similar economic situations but had rebounded.
The minister cited Indonesia and Brazil, two countries with populations similar to Nigeria, as examples to be emulated. Bagudu said that both countries offered veritable examples of what the nation should emulate if it would achieve the level of economic growth and development it desired.
“Brazil’s federal budget is about 700 billion dollars, and it has been like that for upwards of a decade. Nigeria’s federal budget now is about 20 billion dollars, and maybe the highest has been about 35 billion dollars.
“Do we want to be like Brazil, or do we want to be like Indonesia? Can we hope to achieve what they have achieved with that level of federal spending, or do we confront this reality?
“When you confront your reality and remind everyone that we are not as rich as we think we are, maybe new energy will come into the family,” he said.
Speaking against the backdrop of the recent nationwide protests, the minister said that reform policies required the economy to be repositioned for domestic and foreign investment inflow.
He, however, noted the prevalence of poverty in the polity. According toBagudu, poverty can only be eradicated through concerted efforts of all levels of government working to include all strata of the society.
“The ultimate end of social action is to include all — and local economies can be made to include all. This can only happen when we embrace cooperation; when we become less judgmental, and when we interrogate and challenge public officials to give more effort and guidance.
“We have to move quickly. So, we are humbled to come and interact so that we can all mobilise together to do better,” he said No Joy for Nigerian trio in Women’s Long Jump Final
