The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, says many hardworking Nigerians remain stuck in poverty because their economic returns are too low to sustain meaningful progress.
Bagudu made the remark in Abuja during a meeting with the World Bank Regional Manager for Social Protection and Labour for West and Central Africa, Robert Chase.
The ministry released details of the engagement in a statement on Wednesday.
According to the minister, limited earnings continue to keep millions of Nigerians vulnerable despite their resilience and work ethic. He said this reality underscores the urgency of strengthening social protection systems nationwide.
Bagudu noted that ongoing macroeconomic reforms and federally driven social programmes have benefitted significantly from the partnership between Nigeria and the World Bank. He also welcomed the ministry’s new Permanent Secretary, Dr Deborah Odoh, describing her expertise in social policy and reform implementation as an asset to ongoing national programmes.
He emphasised that the Nigerian Constitution mandates all tiers of government to prioritise social welfare and inclusive development. This legal provision, he said, guides the ministry’s work in coordinating social protection policies across federal, state and local levels.
The minister further called for better alignment among programmes such as NG-CARES, the Nigeria for Women Project and the HOPE Agenda, warning that fragmented implementation weakens impact. He advocated functional governance structures at ward level to reduce overlap, improve coordination and boost community involvement.
Addressing the rising poverty rate, Bagudu said many Nigerians are stuck not because they lack diligence, but because their economic activity yields minimal returns.
“Although most Nigerians are hardworking, they are trapped in poverty because their economic returns are limited,” the statement quoted him as saying.
He added that President Bola Tinubu has directed ministries to convert ongoing reforms into visible improvements in people’s lives.
“Our goal is to lift millions out of poverty by 2030 through coordinated programmes, strengthened efficiency and expanded financing,” Bagudu said.
World Bank representative Robert Chase commended Nigeria’s leadership and expanding social protection systems, noting that initiatives like NG-CARES now serve as models across Africa. He disclosed that the bank’s $750m contribution has been complemented by more than $2.2bn in state-led investments.
The Permanent Secretary, Odoh, assured the delegation of the Federal Government’s commitment to building a more inclusive and resilient economy through targeted social programmes.
