FG says decade of under-investment slowing down reform
The Minister of Budget and National Planning, Mr Atiku Bagudu has said that decade of under-investments by the successive governments has not helped ongoing reforms by the present administration.
Fielding questions from journalists on the sidelines of the African Central Bank Governors and finance ministers meeting in Abuja, Bagudu while saying that a lack of resources to fund various sectors was slowing down development projects added that the President Bola Tinubu administration was working to correct the situation.
According to him, ongoing reform may come with short-term costs but they hold a greater tomorrow for Nigeria and Nigerians.
He said, “Equally, when you are dealing with accumulated problems, we have invested in so many things in our national life. We have underinvested for decades. Whether it is our security service, whether it is our infrastructure, whether it is our human capital, education, health, what you hear is lack of resources, lack of resources, lack of resources.
“And it’s true. Historically, there is a lack of resources in all this. That is why our security is saying they don’t have all the equipment, they don’t have enough personnel, the infrastructure, we have failed roads that needed, every community wants a road or rail or something but we don’t have all the money.
“While it is possible for a country with 10 million people in Europe to find $200 billion, Nigeria with over 200 billion people can hardly find $10 billion.”
He further said that in order to address the glaring gaps in the economy, the government intervened in various sectors.
“If we want to provide housing, we have to have a mortgage sector that works, that can deliver houses. That’s why we have a mortgage fund to deliver. If we want our young ones, our manufacturing sector to blossom, we need to have a credit system. That’s why we created consumer credit.
“If we want to have a blossoming agricultural sector, that’s why we created the National Agricultural Development Fund. So, the innovative programmes, student loans that have been introduced and financing schemes are catalytic.
“And the sub-nationals, especially with the local government autonomy reform, have further provided opportunities for them to keep,” he added.
He said the government will continue to dialogue with citizens to find the best way forward for the country.
“You have to listen to your constituents. You have to listen to yourself and engage and generate consensus. And we are doing that. We are willing to do that,” he added.
