The Federal Government of Nigeria has highlighted a significant funding shortfall that threatens the realization of its ambitious development agenda, as outlined in the Agenda 2050 plan. Speaking at a management retreat of the Nigerian Financial Intelligence Unit (NFIU) in Abuja, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, emphasized the pressing need for increased financial resources to drive the country’s long-term economic growth.
Senator Bagudu revealed that Nigeria requires an annual investment of at least $100 billion to reach a GDP per capita target of $33,000 by 2050. However, he expressed concern that the current level of financial inflows is far below what is needed to achieve these goals.
Despite the Tinubu administration’s implementation of bold economic reforms aimed at boosting revenue, the minister acknowledged that Nigeria remains distant from securing the necessary capital inflows, both domestic and foreign, to fund its development objectives.
The minister stressed the importance of building a robust and transparent financial system to attract investments and meet the nation’s aspirations.
The government’s ability to close this funding gap is critical to the success of Agenda 2050, which envisions a more prosperous and economically stable Nigeria. As the nation continues to grapple with these challenges, there is a growing call for innovative solutions and stronger partnerships to mobilize the required resources.
