Hot SourceJames Emejo in Abuja
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday, said the Renewed Hope Ward Development Programme, recently launched by President Bola Tinubu, was designed to ensure that citizens experienced the benefits of the ongoing economic reforms.
Bagudu spoke when the president of Institute of Chartered Accountants of Nigeria (ICAN), Dr Haruna Yahaya, paid him a courtesy visit in Abuja.
He stated that the plan, which would engage over 10 million economically active persons across the 8,809 wards nationwide, aimed at going beyond palliatives to achieve genuine empowerment by directing development efforts at the grassroots level.
The minister said, “Each of our 8,809 wards is unique—with people fishing, farming, mining and food processing—but they are limited by access to capital and support. If we can unlock entrepreneurship at that level, the benefits of reform will be more evenly shared.”
He said this would boost economic activities at the grassroots, catalyse the federal government’s drive to increase revenue and achieve the $1 trillion economy target by 2030.
Bagudu stated that the reforms under the Renewed Hope Agenda aimed at addressing the country’s economic stagnation, which resulted from decades of underinvestment in vital sectors of the economy.
He said, “Our current reality is that we are not where we want to be, and Mr. President has made that clear. But instead of playing the blame game, we are making long-overdue choices—difficult decisions similar to what accountants make when restructuring troubled companies. It’s no different with a country.”
In a statement, the minister, called for private sector support for the reforms, stating that the country’s long-term plan – Nigeria Agenda 2050 – which involves all levels of government and the private sector, target to achieve $33,000 per capita income by 2050.
He said achieving that milestone required over $100 billion in annual investments, 86 per cent of which should come from private entities. The minister emphasised that reaching this vision would require more than just government effort.
He described ICAN’s support as vital, not only for technical contributions, but also for helping to communicate reforms to Nigerians and fostering broad-based trust in the reform process.
He said, “The ability to mobilise all stakeholders, especially those who understand complex issues through training, like your members, is what gives reforms their staying power.
“We need you to help us communicate these reforms to citizens. People want quick results, and it’s our collective duty to explain that some of the changes we’re making today are foundational for the prosperity we seek tomorrow.”
Bagudu appreciated ICAN’s consistent engagement with the ministry and welcomed the call for support and partnership from the Institute, while stating that Tinubu’s economic reforms could not have been achieved without the backing of institutions like ICAN.
Speaking earlier, Yahaya praised the minister for his exemplary leadership in the ministry. He said during Bagudu’s tenure, the ministry had achieved significant progress in budget implementation, including the expansion of infrastructural development across the country.
He requested a partnership with the ministry to provide capacity building and technical assistance through robust financial and strategic management tools, as well as programmes for accounting officers focusing on ethical governance and anti-corruption.
Yahaya explained that the purpose of the visit was to extend an invitation to the minister to deliver a keynote address at the 55th Annual Accountants’ Conference scheduled for October 6-10, and to seek sponsorship for accountants from the ministry to attend the conference.
Acting Permanent Secretary in the ministry, Dr. Sampson Ebimaro, while acknowledging the vital role of ICAN in regulating accounting processes in the country, sought the institute’s technical support in addressing accounting procedures within the ministry.
ICAN functions primarily to regulate the accounting profession in Nigeria, setting standards for membership, ensuring ethical conduct and providing professional development for its members.
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