NASS Joint Committee on National Planning Reaffirms Commitment to $1 Trillion Economy Target
The Joint Committees of the Senate and House of Representatives on National Planning today held an oversight session with the Ministry of Budget and Economic Planning and its agencies, reaffirming their commitment to strengthening fiscal governance and advancing Nigeria’s long-term economic transformation agenda.
In his opening remarks, the Co-Chairman of the Joint Committee Senator Yahaya Abdulahi apologized for the delayed commencement of the session and emphasized that the meeting was convened in accordance with Section 88(3) of the Constitution, which empowers the National Assembly to conduct oversight on Ministries, Departments and Agencies (MDAs).
He noted that while Nigeria has recorded measurable progress in economic stabilization and reforms, the nation’s ambition of achieving a $1 trillion economy demands stronger planning frameworks, credible projections, and measurable performance outcomes.
“This session is not only about what has been spent. It is about how we intend to grow, how we are progressing, and how we plan to achieve our economic targets,” he stated.
The Committee requested detailed briefings on:
1. Actual 2024 budget performance
2. Development assistance received
3. Project titles, locations, and beneficiary impact
4. Key implementation activities for 2025
5. Projections and priorities for 2026 and beyond
Responding, the Minister of Budget and National Planning, Senator Abubakar Bagudu highlighted the Federal Government’s ongoing reform efforts under President Bola Ahmed Tinubu, describing them as among the most comprehensive economic reform packages undertaken in Nigeria’s history.
He disclosed that Nigeria’s reform trajectory has received global recognition from institutions such as the World Bank and the International Monetary Fund, which recently acknowledged Nigeria’s contribution to global growth and fiscal restructuring efforts.
According to the Minister, reforms in fiscal federalism have significantly improved sub-national revenues, with states now receiving substantially higher allocations compared to previous years. He described this as a major milestone in strengthening Nigeria’s constitutional federal structure.
He further outlined key development partner interventions, including:
– A $1 billion support package for primary healthcare, education, and governance reforms
– The $500 million Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme
– Project preparation support agreements with the International Finance Corporation (IFC)
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On budget implementation, the Minister acknowledged existing constraints, including rising global interest rates, debt servicing pressures, and exchange rate fluctuations. However, he expressed confidence that ongoing reforms would continue to yield positive outcomes, including improved inflation trends and strengthened domestic production.
The Committees reiterated the importance of aligning the National Development Plan with annual budgets to ensure performance-based resource allocation and measurable economic outcomes.
The session concluded with a renewed commitment from both the Legislature and the Executive to deepen collaboration in advancing Nigeria’s development priorities as the country moves toward 2026 and beyond.