Nigeria’s Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, has said that the Federal Government of Nigeria is planning to invest $100bn annually to tackle the economic challenges in the country.

Speaking at the National Economic Dialogue 2024, organised by the Nigerian Economic Summit Group on Wednesday in Abuja, Alhaji Bagudu disclosed that the recent nationwide protests against bad governance in Nigeria had forced government officials to listen more and do better.

He noted that though the current economic situation is due to cumulative years of under-investment, the current administration is ready to rewrite the wrongs to improve the country in the next 25 years.

“We want a nation that includes all. We want a higher per capita by the year 2050. We want to ensure that we invest not less than $100bn annually. But if our experience in the last 25 years should serve us as a guide, 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 capital, to support our aspiration. We need more public resources to fund our priorities.

“So, even in a constitutional democracy, where all tiers are separate, our constitution and our planning process require a minimum of cooperation between the levels of government and the private sector.

“We have lived with oil subsidies, for example, for decades. And it has harmed us, even when oil prices once went up to $147 in our national life. The net effect on the federation’s revenue, or the availability of investment money to support, was almost nil because the higher the oil prices, the more the then President Jonathan’s government was spending to support subsidies.

“So, we have been living a lie. So, as unpleasant as it is, President Bola Tinubu said let’s begin to tell ourselves the truth that we are not as rich as we think we are. It’s not a shame. Countries that have done that thinking and established that truth much earlier than us have made choices that have taken them where they want to be.”

Earlier, the Chief of Staff to the Nigerian President, Mr. Femi Gbajabiamila, said that the country was battling various socio-economic challenges that threatened the existence of the national union.

The NESG dialogue, which had the theme “Nigeria’s Economic Future: 25 Years of Democracy and Beyond”, was attended by Nigerian policymakers, experts and key stakeholders.

GIK/APA