Ward Development Plan to Distribute Economic Reform Benefits-Bagudu
By Patience Ikpeme
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has explained that the new Renewed Hope Ward Development Programme launched by President Bola Tinubu is intended to ensure that citizens feel the impact of the ongoing economic reforms.
The minister made the remarks during a visit to his office by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Haruna Nma Yahaya.
Bagudu said the plan will involve over 10 million economically active individuals across the country’s 8,809 wards. He stated that the program aims to move beyond simple palliatives and 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,” Bagudu explained. “If we can unlock entrepreneurship at that level, the benefits of reform will be more evenly shared.” He said this grassroots focus would help the government increase revenue and reach its goal of a $1 trillion economy by 2030.
The minister described the current economic reforms as a necessary response to decades of underinvestment. He likened the government’s difficult decisions to those an accountant would make when restructuring a struggling company. “Our current reality is that we are not where we want to be, and Mr. President has made that clear,” Bagudu said. “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.”
He called for the private sector’s participation in the reforms, noting that the **Nigeria Agenda 2050**, the nation’s long-term plan, aims for a **$33,000 per capita income** by 2050. Bagudu stated that this vision requires more than **$100 billion in annual investments**, with 86% of that funding expected to come from private entities.
Bagudu described ICAN’s support as crucial, not only for its technical contributions but also for its ability to help communicate the reforms to Nigerians and build trust in the process. He said that the capacity to mobilize stakeholders who understand complex issues, such as ICAN members, is what gives reforms their “staying power.”
“We need you to help us communicate these reforms to citizens,” the minister said. “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.” He welcomed ICAN’s offer of partnership and thanked the institute for its continued engagement with the ministry.
During his visit, ICAN President Dr. Haruna Nma Yahaya praised the minister for his leadership and requested a partnership to provide capacity building and technical assistance to the ministry. He proposed a program for accounting officers that would focus on ethical governance and anti-corruption. Dr. Yahaya also extended an invitation to the minister to deliver a keynote address at the **55th Annual Accountants’ Conference** scheduled for October 6-10, 2025.
The ministry’s Acting Permanent Secretary, Dr. Sampson Ebimaro, acknowledged ICAN’s role in regulating the accounting profession and sought the institute’s technical assistance with the ministry’s accounting procedures.
