Nigeria's budget falls short compared to Brazil, Indonesia — Minister Bagudu

Nigeria's federal budget is smaller than those of other populous countries like Brazil and Indonesia, according to Senator Atiku Bagudu, Minister of Budget and Economic Planning.

He revealed this while speaking at the launch of ActionAid Nigeria's Country Strategy Paper in Abuja on Thursday.

Bagudu highlighted the disparity in federal spending, calling for urgent action to address the country's under-investment.

Bagudu pointed out that while Nigeria’s federal budget is around $20 billion, the budgets of countries like Indonesia and Brazil are far higher.

"The federal budget of Indonesia is about $210 billion. The federal budget of Brazil is about $700 billion and has been at that level for a while— for upwards of a decade," Bagudu stated. 

In contrast, Nigeria’s budget has only peaked at approximately $35 billion.

Bagudu questioned whether Nigeria can aspire to achieve the same progress as these countries with its current level of federal spending. 

"Do we want to be like Brazil? Or do we want to be like Indonesia? Can we hope to achieve what they have with that level of federal spending? Or should we confront this reality?" he asked. 

He emphasized the need for Nigerians to take collective responsibility in addressing the country’s economic challenges. 

"Maybe new energy will come into the family, and the sense of entitlement will give way to ‘What can I do? What effort can I contribute?’" he suggested.

The minister also touched on the historical under-investment that has plagued the nation, urging both citizens and the government to work together to improve the situation. 

"This situation is not the result of any one person’s effort but rather cumulative decades of under-investment. We must address this issue, and in doing so, everyone matters," he said