by George Ozalla
The Joint Committees of the Senate and House of Representatives on National Planning have renewed their commitment to driving oversight and supporting policies aimed at moving Nigeria toward a one trillion dollar economy, stressing that careful planning and close monitoring of development programmes are crucial.
The announcement came on Tuesday, February 17, 2026, during oversight session with officials of the Federal Ministry of Budget and Economic Planning and its agencies at the National Assembly complex in Abuja. Lawmakers used the meeting to review budget performance, assess the implementation of national development policies, and examine the effectiveness of economic reforms designed to stabilize and grow the economy.
Co-Chairman of the Joint Committee, Senator Yahaya Abdullahi, said the session is part of the National Assembly’s responsibility to ensure that government programmes and spending reflect national priorities and produce measurable results. He noted that achieving a one trillion dollar economy requires reliable data, strong fiscal discipline, and effective planning.
Abdullahi added that lawmakers are focused on how development plans translate into results in key sectors, including infrastructure, agriculture, industry, education, and public services. He said the legislature will continue to ensure funds are properly used and development goals are met.
The Committee requested detailed briefings on the Ministry’s 2024 budget performance, progress on ongoing projects under the National Development Plan, and economic projections beyond 2026. Lawmakers also sought updates on external funding, project timelines, and the impact of federal policies on investment, productivity, and job creation.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the Federal Government is implementing reforms to restore fiscal stability, boost investor confidence, and strengthen domestic productivity. He said the measures are already producing results, particularly in revenue mobilization, state allocations, and investment readiness.
Bagudu highlighted 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 partnerships with development agencies are supporting key sectors such as healthcare, education, and social protection.
The Minister also said collaboration with the International Finance Corporation is advancing project preparation initiatives aimed at attracting private sector investment and accelerating infrastructure delivery. He said these steps are opening up economic opportunities and strengthening growth prospects.
While noting challenges such as inflation, exchange rate fluctuations, and global financial pressures, Bagudu said government policies are focused on stabilizing the economy and improving conditions for growth. He added that closer coordination between planning and budgeting institutions is helping align spending with national priorities.
The Joint Committee said the National Assembly will continue close oversight to ensure government planning and budgeting deliver real economic results. Lawmakers emphasized that achieving a one trillion dollar economy will require steady action, effective collaboration with the executive, and policies that lead directly to investment, job creation, and visible development across the country.
