Nigeria’s federal budget stands at $20 billion, significantly lower than those of populous countries like Indonesia ($210 billion) and Brazil ($700 billion), according to Minister of Budget and Economic Planning, Senator Atiku Bagudu. Bagudu highlighted this disparity while speaking at the launch of ActionAid Nigeria’s Country Strategy Paper in Abuja, emphasizing the need for collective action to address the long-standing issue of under-investment in the country.
ActionAid’s Andrew Mamedu also stressed the urgency of addressing poverty in Nigeria, noting that nearly 133 million Nigerians live in multidimensional poverty. This alarming statistic underscores the pressing need for increased investment and targeted interventions to uplift the living standards of the Nigerian people.
The comparison of Nigeria’s federal budget to those of Indonesia and Brazil reveals the significant gap in resources available for development and social welfare programs. While Nigeria’s budget stands at a mere $20 billion, Indonesia allocates $210 billion, and Brazil dedicates a staggering $700 billion to their respective budgets. This disparity highlights the challenges Nigeria faces in providing adequate funding for critical sectors such as education, healthcare, and infrastructure.
As the government works to address this issue, it is crucial that all stakeholders, including civil society organizations, development partners, and the private sector, collaborate to mobilize resources and implement effective strategies to reduce poverty and drive sustainable development in Nigeria. The launch of ActionAid Nigeria’s Country Strategy Paper serves as a timely reminder of the need for concerted efforts to tackle the root causes of poverty and inequality in the country.