By Afolabi Adetutu
In the administration of President Bola Ahmed Tinubu, the Renewed Hope Agenda is fast evolving from a mere campaign slogan to a policy thrust that’s redefining the very architecture of governance, and largely reflected in Nigeria’s budgetary planning and execution. At the heart of this transformation is Senator Abubakar Atiku Bagudu—the Honourable Minister of Budget and National Planning; a silent catalyst who embodies and institutionalises the economic philosophy of the president’s agenda, silent works and accurate execution of budget planning with a profound sense of purpose.
Senator Bagudu not only understood the philosophical and fiscal underpinnings of the Tinubu administration, but he has translated it and made it evident in Nigeria's progressive economy. The Renewed Hope Agenda is not just a poetic permutation of optimism; it is a bold, structured promise of recalibrating Nigeria’s economy, restoring institutional dignity, reengineering the public sector, and revitalising citizen confidence in the federal government.
Bagudu, with his extraordinary blend of fiscal discipline, economic realism, and a technocratic touch, is serving as the architect and conductor of the nation’s budgetary symphony. The inheritance of President Tinubu’s administration in May 2023 was a faltering economy that was encumbered by rising inflation, debt overhang, low public trust, and a chaotic fiscal culture, reflecting the grim realities of the time. Yet, in less than two years, there has been a perceptible change in trajectory and a strong affirmation of rejuvenating hope.
Appointing a former governor, senator, and erudite economist, in the person of Senator Atiku Bagudu, was not just for political balancing; it was a calculated move and a strategic economic reconfiguration by President Tinubu, who is a master strategist himself. Under Bagudu’s leadership, the Ministry of Budget and National Planning has become a bedrock of renewed economic consciousness. His mantra was drawn from President Tinubu’s ideology, making sure that he moves budgeting from a yearly ritual of numbers to a roadmap for national rebirth.
Budgeting, in the hands of Senator Bagudu, is no longer just an inert tabulation of numbers but a moral and developmental instrument used in driving the course of a nation. The 2024 national budget, which was themed “Budget of Renewed Hope” reflected a transformative ambition that called for development. Witnessing a staggering N28.7 trillion in expenditure and a strategic allocation to sectors such as health, defence, education, and infrastructure, it is evident that national priorities are being deliberately aligned with human development indices.
Senator Bagudu ensures that the budgetary process is both inclusive and transparent. For the first time in a long while, budget town halls were held across geo-political zones, just to ensure that the budget reflects the aspirations of a diverse federation. Bagudu worked tenaciously with the National Assembly Committees and the Budget Office of the Federation in ensuring that the medium-term expenditure framework (MTEF) became realistic and development-focused.
Moreover, it is also on record that under his watch, capital expenditure now takes centre stage, with the budget earmarked for capital projects at over 37%. This is a commendable deviation from past regimes where recurrent spending choked national ambitions, thereby placing infrastructure as a pedestal on which economic expansion is anchored.
One profound critical element of Bagudu’s impact that’s less celebrated is how well he has recalibrated fiscal discipline. It is no surprise that the Nigerian budget system we used to know has suffered from underperformance, leakages, and a notorious culture of “budget paddings” and abandoned projects for decades. His reformative actions within the ministry have led to the adoption of digital budget tracking systems, which have expanded the capabilities of the Government Integrated Financial Management Information System (GIFMIS) and harmonised budget reporting templates across ministries, departments, and agencies (MDAs).
However, Bagudu’s insistence on budget credibility has geared up the push for a more stringent implementation of the Public Finance Management Act. In his quiet but firm demeanour, he ensured that MDAs strongly stick to expenditure and project implementation timelines. His persistence in wielding the tool of compliance has made the budget be seen as a legally binding covenant with people, rather than being perceived as an elastic instrument to be stretched and manipulated at will.
It is to Bagudu’s credit that the government is not merely investing in brick-and-mortar schools and hospitals but is deliberately enhancing quality and access. With over N1.3 trillion allocated to education and more than N1.2 trillion to healthcare in the 2024 budget, the narrative of social investments has shifted to strategic development. His work with the Ministries of Education and Health to institutionalise performance-based budgeting has ensured that every spending directly impacts measurable outcomes, such as maternal mortality, availability of materials for easy learning, school enrollment rates, and life expectancy.
Similarly, it has been discovered that the emphasis on job creation and youth empowerment under the Renewed Hope Job Creation initiative is intricately linked to Bagudu’s planning and execution. The National Social Investment Programme (NSIP) reforms, the conditional cash transfer schemes, and the disbursements of microcredit to small-scale entrepreneurs are all being embedded into the budgetary process under his supervision. For a man who isn’t attracted to fanfare or court publicity, Bagudu’s touch has been greatly impactful in these initiatives.
President Tinubu's administration has never pretended about its desire to wean Nigeria off the addiction to oil revenues. And in this regard, the role of the Ministry of Budget and National Planning becomes even more pivotal. Senator Bagudu’s budgetary strategy emphasises diversification, which is not merely an economic necessity, but as a patriotic obligation. This redirection of budgetary attention to sectors with latent comparative advantage is evident that Bagudu share an aligned view with Mr President’s agenda.
Perhaps what makes Senator Bagudu’s contributions even more compelling is how well he has been able to balance political wisdom with technocratic vigour. In his words, “I don’t view budgeting as an academic exercise but as a living, breathing instrument of socio-economic transformation.” Of a truth, this philosophy of his has prudently shaped Nigeria’s national outlook.
In Cabinet meetings and inter-ministerial dialogues, he champions a strong but quiet voice of reasoning, one which advocates for prudent borrowing, counselling against populism, and resists expenditure wastage. Unlike many who wield power with a flourish and to oppress, Senator Bagudu wears his influence like a devoted monk wears his robe: firm, calm, and purposeful.
The Renewed Hope Agenda is not merely rhetoric under his leadership in the budgetary ministry; it is producing results in social welfare, infrastructure renewal, economic stabilisation, and fiscal rebalancing. Budget credibility is gaining traction. Investor confidence is inching upward. And most importantly, the people are beginning to see and feel the dividends of planning.
In Senator Atiku Bagudu, we see a man who not only believes in Nigeria but is helping to build the scaffolding for its future prosperity. His personality reminds us that not all catalysts are noisy, not all reformers are water banners, and not all patriots are flamboyant. They work modestly, methodically, and masterfully.
Adetutu writes from Abuja
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