NASS Joint Committees Reaffirm Commitment to Nigeria’s $1 Trillion Economy Target

The Joint Committees of the Senate and House of Representatives on National Planning have renewed their commitment to strengthening oversight and supporting policies aimed at positioning Nigeria toward a one trillion dollar economy.

The resolution was made on Tuesday, February 17, 2026, during an oversight session with officials of the Federal Ministry of Budget and Economic Planning and its agencies at the National Assembly Complex in Abuja.

The lawmakers reviewed budget performance, assessed implementation of national development policies, and examined the effectiveness of economic reforms designed to stabilize and grow the economy.

Senate Chairman of the Joint Committee, Yahaya Abdullahi, said the oversight session reflects the National Assembly’s constitutional responsibility to ensure that government programmes and expenditures align with national priorities and deliver measurable outcomes.

He emphasized that achieving a one trillion dollar economy requires credible data, fiscal discipline, and strategic planning.

According to him, the legislature is particularly focused on how development plans translate into tangible results in critical sectors such as infrastructure, agriculture, industry, education, and public services. He assured that the National Assembly would continue to ensure that public funds are efficiently utilized and development targets achieved.

The Committee requested detailed briefings on the Ministry’s 2024 budget performance, progress under the National Development Plan, and economic projections beyond 2026. Lawmakers also sought updates on external financing, project timelines, and the impact of federal policies on investment, productivity, and employment generation.

Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the Federal Government is implementing reforms aimed at restoring fiscal stability, boosting investor confidence, and strengthening domestic productivity.

He noted that the reforms are already yielding positive results, particularly in revenue mobilization, state allocations, and investment readiness.

Bagudu further disclosed that international institutions, including the World Bank and the International Monetary Fund, have acknowledged Nigeria’s fiscal reforms and economic restructuring efforts.

He added that collaboration with the International Finance Corporation is advancing project preparation initiatives designed to attract private sector investment and accelerate infrastructure development.

While acknowledging ongoing challenges such as inflation, exchange rate volatility, and global financial pressures, the Minister assured lawmakers that government policies remain focused on economic stabilization and sustainable growth. He emphasized that improved coordination between planning and budgeting institutions is enhancing alignment between spending and national priorities.

The Joint Committee reiterated that the National Assembly will maintain robust oversight to ensure that government planning and budgeting translate into tangible economic progress.

Lawmakers stressed that attaining a one trillion dollar economy will require sustained policy implementation, close executive-legislative collaboration, and reforms that directly stimulate investment, job creation, and visible development nationwide.

Betalife TV / Cherish Nigeria 

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