Nigeria’s Minister of Budget and Economic Planning, Abubakar Bagudu, has stated that the recent #EndBadGovernance protests, which swept across the nation, served as a crucial wake-up call for the Federal Government.
According to the Minister, the protests have compelled the government to take the demands of Nigerians more seriously and act with greater urgency.
Bagudu made these remarks during the ‘’National Economic Dialogue on Nigeria’s Economic Future: 25 Years of Democracy and Beyond,’’ organised by the Nigerian Economic Summit Group.
He highlighted the fact that the challenges Nigeria faces today are not new and that they stem from decisions made by previous administrations.
However, he noted that President Bola Tinubu has avoided blaming past leaders for the current situation.
Government’s Response to Public Outcry
Speaking on the impact of the protests, Senator Bagudu admitted that the demonstrations have pushed the government to become more responsive to the concerns of the people.
He said, “We have learnt that even the current protests have made us listen more. Whatever we are doing, we have taken the message that we need to do more, we need to do better, and we need to do it in a hurry.”
The #EndBadGovernance protests, which emerged as a sequel to the #EndSARS movement that began in October 2020, focused on demanding better governance, an end to corruption, and more transparency from the Nigerian government.
The protests resonated with many Nigerians, particularly the youth, who have expressed frustration over the lack of progress in key areas such as employment, infrastructure, and security.
Bagudu also provided a candid assessment of Nigeria’s current economic situation, pointing out that despite the efforts of previous governments, the country has not achieved the level of economic growth and prosperity that it desires.
“President Bola Tinubu has been very reluctant to reflect on the past and blame anybody, but the net effect is that despite efforts by previous administrations, especially in the last 25 years, we are not where we want to be,” he explained.
He further elaborated on the specific economic challenges facing the country, noting that while Nigeria’s population has nearly doubled from 119 million in 1999 to around 230 million today, oil production has not kept pace.
“Our oil production, for example, 2.2 million barrels in 1999, is now rather than 4 million, according to the doubling of our population, which is still under 1.5 million, reflecting cumulative years of under-investment in the sector,” Bagudu stated.
This stagnation in oil production, despite the significant increase in population, underscores the broader issue of underinvestment in critical sectors.
The Minister emphasized the urgent need for the government to make difficult but necessary decisions to mobilize both private and borrowed capital to support Nigeria’s economic aspirations.
Bagudu also touched on the importance of Nigeria’s constitution in shaping the country’s economic policies.
He referenced Chapter 2 of the Constitution, which outlines the Fundamental Objectives and Directive Principles of State Policy.
This chapter, according to Bagudu, is clear about the political and economic objectives that the government should strive to achieve.
He suggested that while the constitution provides a solid foundation, there might be a need to revisit it to better reflect the current realities and challenges facing the country.
“Chapter 2 of our Constitution, the Fundamental Objectives and Directive Principles of State Policy, clearly discusses the country’s political objectives. It is also very clear about the economic objectives—what kind of economy we want to run,” he said.
Bagudu also mentioned Agenda 2050, Nigeria’s long-term development plan, which aims to create a more inclusive economy with a higher per capita income by 2050.
The plan envisions annual investments of at least $100 billion to drive the country’s development goals. However, the Minister cautioned that the experience of the past 25 years shows that achieving these objectives will not be easy.
“We sometimes know how difficult it is because you have to make choices that are both pleasant and unpleasant to be able to mobilise capital, private and borrowed, to support our aspiration,” he added.
