By Joy Odor Reportcircle News
Nigeria’s ambition to build a $1 trillion economy has moved from political slogan to parliamentary audit, as lawmakers summoned economic planners to defend how the target will actually be reached.
At a high-level oversight session inside the National Assembly Nigeria, joint committees on national planning demanded detailed performance evidence from the Federal Ministry of Budget and Economic Planning signalling a shift toward results-based scrutiny of government reforms.
Opening the hearing, committee co-chair Yahaya Abdullahi invoked constitutional oversight powers, stressing that Parliament is no longer interested in budget inputs alone.
actual 2024 budget performance
development assistance inflows
project locations and beneficiaries
2025 implementation activities
priorities beyond 2026.
According to the committee, the trillion-dollar goal cannot rest on projections, it must be tied to measurable outcomes.
Responding, Minister Abubakar Bagudu argued that policies under Bola Ahmed Tinubu constitute one of the country’s most extensive economic restructuring efforts.
He cited international acknowledgement from the World Bank and International Monetary Fund, which have recently highlighted Nigeria’s fiscal adjustments and contribution to global growth dynamics.
Bagudu said fiscal federalism reforms have significantly increased allocations to sub-national governments, a development officials believe could unlock growth outside Abuja and Lagos by strengthening state-level investment capacity.
In policy terms, higher state revenue is expected to translate into infrastructure expansion, local production and job creation all critical for scaling GDP.
The Minister outlined development partner interventions supporting the programme:
$1bn financing for healthcare, education and governance reforms
$500m NG-CARES stimulus programme
project preparation agreements with the International Finance Corporation
The funding pipeline suggests Nigeria’s growth strategy now depends partly on reform credibility in the eyes of lenders and investors.
Despite optimism, the ministry acknowledged structural headwinds:
rising global interest rates
heavy debt-service obligations
exchange-rate volatility
Still, officials expect reforms to improve inflation trends and boost domestic production.
Lawmakers insisted the National Development Plan must align with yearly budgets, a move toward performance-based allocation rather than politically driven spending.
The implication: future funding may depend on verifiable economic impact.
The session ended with a joint pledge between executive and legislature to collaborate on implementation but the tone was clear.
Nigeria’s trillion-dollar ambition is entering its accountability phase.
From now on, the question is no longer whether the economy can grow but whether planners can prove, year by year, that it actually is.
