The Federal Government has said it needs to attract significantly more resources than is currently available for it to execute its development agenda.
Minister of Budget and Economic Planning, Abubakar Bagudu, who spoke at the management retreat of the Nigerian Financial Intelligence Unit (NFIU) held in Abuja, noted the critical importance of developing a robust financial system with integrity to achieve Nigeria’s long-term goals.
“Our Agenda 2050, a statement of our national aspiration, requires that we invest at least $100 billion annually to achieve a GDP per capita of $33,000 or more by 2050,” he stated.
However, he cautioned that the current financing level falls far short of this target and stressed the urgency for increased financial inflows. He said while President Bola Tinubu’s administration has implemented bold and courageous economic reforms aimed at boosting revenue, the nation is still far from achieving the necessary financial flows to meet its development objectives.
“We still need to be where we should be; we are not near the kind of flows we expect,” the minister noted, stressing the need for greater efforts to attract both domestic and foreign investments.
