Abuja: Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has explained that the Renewed Hope Ward Development Programme, recently launched by President Bola Tinubu, is designed to ensure that the people experience the benefits of the ongoing economic reforms. The minister spoke during a courtesy visit to his office in Abuja by the President of the Institute of Chartered Accountants of Nigeria, Dr Haruna Nma Yahaya.
According to Voice of Nigeria, the plan would engage over 10 million economically active persons across the 8,809 wards nationwide, aiming to go beyond palliatives to achieve genuine empowerment by directing development efforts at the grassroots level. ‘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,’ Bagudu explained.
This initiative is expected to boost economic activities at the grassroots, catalyse the federal government’s drive to increase revenue, and achieve the $1 trillion economy target by 2030. The minister highlighted that the reforms under the Renewed Hope Agenda aimed to bolster the economy, addressing decades of underinvestment in vital sectors.
Bagudu stressed the importance of private sector support for the reforms, noting that the nation’s long-term plan, Nigeria Agenda 2050, involves all levels of government and the private sector, aiming for a $33,000 per capita income by 2050. Achieving this will require over $100 billion in annual investments, with 86% expected to come from private entities. He emphasised that ICAN’s support is crucial for both technical contributions and for communicating reforms to Nigerians, fostering broad-based trust in the reform process.
During the visit, ICAN President Yahaya praised the minister’s leadership in guiding the ministry, noting significant progress in budget implementation and infrastructural development. He requested a partnership with the ministry for capacity building and technical assistance through financial and strategic management tools, as well as programmes focusing on ethical governance and anti-corruption.
The Acting Permanent Secretary of the Ministry, Dr. Sampson Ebimaro, acknowledged ICAN’s vital role in regulating accounting processes in the country and sought its technical support in addressing accounting procedures within the ministry. The Institute of Chartered Accountants of Nigeria (ICAN) functions primarily to regulate the accounting profession in Nigeria, setting standards for membership, ensuring ethical conduct, and providing professional development for its members.