Nigeria is second least in terms of revenue to GDP ratio in the World — Budget Minister
By Ismail Azeez, Osogbo
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Thursday said Nigeria is the second least country in the world in terms of revenue to Gross Domestic Product (GDP) ratio.
Bagudu disclosed this at the grand finale of the 22nd edition of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP) meeting held at the Center for Black Culture and International Understanding in Osogbo, with the theme: “Imperative for Restoring Nigeria on the Path of Sustainable Economic Growth and Development.”
According to Bagudu, the present administration under the leadership of President Bola Tinubu is committed to achieving double-digit growth in real GDP.
The Minister further said that as part of the efforts of the Federal Government to increase revenue of GDP in the country President Tinubu had immediately set up a committee after he announced appropriate pricing for fuel and the regulation of the exchange rate.
He charged all Nigerians to support the current administration to tackle some of the economic challenges facing the country.
He commended Governor Ademola Adelake and the good people of Osun state for hosting the 22nd edition of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP) meeting.
He urged all states of the federation to cooperate and collaborate with the federal government to move the country forward with one determination and the same sense of purpose.
According to him, “The team of the 22nd National Council on Development Planning meeting is imperative for restoring Nigeria to the path of sustainable growth and development. This team was carefully crafted to restore and stabilize the macro economy for sustainable economic growth and development.
“We are living in a changing world any country that is left behind in terms of its ability to gather its intellectual talent, and resources, and calibrate policies so that we continue to deliver prosperity to our people will indeed be left behind.
“So, this is a topical issue and this resonates with a renewed hope agenda that is being led by President Bola Tinubu.
“Equally, the national development planning acts that preceded the establishment of the Federal Ministry of Planning Budget is an act recognised by our Constitution as creating a platform for planning and cooperation between federal and sub-national, and indeed, we are not alone.
‘’Those countries who have done well, those who have achieved development, somehow have been able to manage the cooperative federalism where sub-national and the Federation were able to agree to shared goals and support each other and interrogate policies so that they become more effective, Nigeria should not be different. We have achieved higher rates of growth in the past and certainly, we can do it again, despite the changes in the global and domestic economy.
“The Excellency with the support of all Nigerians, the current administration under the leadership of His Excellency President Bola Ahmed Tinubu. GCF CFR has committed to achieving double-digit growth. I say with the support of Nigerians because something outstanding happened during the electioneering period all the major political candidates agreed to some of the fundamental measures that we need to undertake as a country.
“So, I think that is something we should all thank ourselves that political parties can recognise beyond politicking, there is the need to responsively tackle some of the economic challenges if we are to survive as a nation. Not surprisingly, on his first day in office when he was sworn in President Bola Tinubu announced appropriate pricing for fuel, and he announced the regulation of the exchange rate and set up a committee to study how we can increase revenue as a proportion of GDP for the country.
“We are the second least in the world in terms of revenue to GDP ratio. So not because people are not willing, but maybe because our systemic manner focuses on how to collect and even how to increase the rates.
“With Bola Ahmen’s leadership, we have already seen passage into law of act to allow states in the generation and distribution electricity. This has been done with the support of the National Economy Council of which all state governors are members.
“I, therefore, implore all of us to ensure the maximum utilization of this period of discussion and contribute immensely to the deliberations to advance some of the policy major policies made by policymakers.”
Speaking, Osun State Governor, Senator Ademola Adeleke asserted that Nigeria can develop to its fullest only if people can contribute meaningfully to her development by synergizing on how to formulate better ways to grow their beloved Nation.
Adeleke noted that the gathering was not only a testament to the state’s commitment to national development but also a reflection of the collective dedication to finding innovative solutions to the complex challenges facing the Country.
He said that as the nation navigates through the evolving economic landscape, it is crucial that all come together to chart a course that ensures not only growth but sustainability and inclusivity for all Nigerians.
According to Adeleke, “As the host State, Osun is proud to showcase its development initiatives and investment opportunities to the nation. We consider it a privilege to be the first to host the JPB and NCDP meetings since our state’s creation.
“This event provides an excellent platform for us to strengthen our partnership with the Federal Ministry of Finance, Budget, and National Planning and engage with development partners for the benefit of our state,” he said.
