Nigeria’s Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has said stronger coordination across fiscal, monetary and subnational authorities is now critical to sustaining macroeconomic stability and inclusive growth.
Speaking at the Monetary Policy Forum organised by the Central Bank of Nigeria in Abuja, the minister said effective collaboration among key economic actors would determine the durability of ongoing reforms and Nigeria’s broader growth trajectory.
Bagudu noted that while Nigeria’s federal structure presents coordination challenges, it also offers opportunities to harness subnational capacity for national productivity—similar to experiences in Brazil, India and Canada.
He stressed that state governments must align spending with federal fiscal priorities to boost domestic production, noting that such coordination is essential for effective monetary policy transmission, including efforts to stabilise interest and exchange rates.
The minister reaffirmed support for the CBN’s development financing and targeted intervention programmes, describing them as necessary tools for addressing structural constraints and stimulating growth in key sectors.
He said ongoing fiscal reforms under the government’s medium-term development framework are strengthening economic resilience despite global and regional headwinds.
Bagudu commended the leadership of the apex bank, led by Governor Olayemi Cardoso, for sustaining reform momentum and deepening policy coordination, noting that recent measures rank among the most ambitious in Nigeria’s recent economic history.
He described the growing alignment between state governments and federal reform initiatives as a significant but underappreciated development, signalling increased confidence in the policy direction and improving nationwide policy coherence.
Bagudu said sustained collaboration and disciplined implementation would be critical to consolidating reform gains, reducing policy risks and unlocking long-term economic growth.
