The Minister of Budget and Economic Planning, 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, Haruna Yahaya.
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He stated that the plan, which would engage over 10 million economically active persons across the 8,809 wards nationwide, aims 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,” Mr Bagudu explained.
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This, the minister emphasised, would boost economic activities at the grassroots, catalyse the federal government’s drive to increase revenue and achieve the $1 trillion economy target by 2030.
He stated that the reforms under the Renewed Hope Agenda aimed to address the country’s economic stagnation, which resulted from decades of underinvestment in vital sectors of the economy.
Our current reality is that we are not where we want to be, and Mr President has made that clear. 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,” Mr Bagudu stated.
He called for private sector support for the reforms, noting that the nation’s long-term plan, Nigeria Agenda 2050, which involves all levels of government and the private sector, aims for a $33,000 per capita income by 2050. Achieving this, he explained, will require over $100 billion in annual investments, 86 per cent of which should come from private entities.
The minister emphasised that reaching this vision will require more than just government effort. He described ICAN’s support as vital — not only for technical contributions but also for helping to communicate reforms to Nigerians and fostering broad-based trust in the reform process.
“The ability to mobilise all stakeholders—especially those who understand complex issues through training, like your members—is what gives reforms their staying power,” he said, explaining, “We need you to help us communicate these reforms to citizens. 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.”
Mr Bagudu appreciated ICAN’s consistent engagement with the ministry and welcomed the call for support and partnership from the Institute, while noting that the economic reforms of President Bola Ahmed Tinubu could not have been achieved without the backing of institutions like ICAN.
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Speaking earlier, ICAN President Yahaya praised the minister for his exemplary leadership in guiding the ministry, noting that during his tenure, the ministry had achieved significant progress in budget implementation, including the expansion of infrastructural development across the country.
He requested a partnership with the ministry to provide capacity building and technical assistance through robust financial and strategic management tools, as well as programmes for Accounting Officers focusing on ethical governance and anti-corruption.
He explained that the purpose of the visit was to extend an invitation to the minister to deliver a keynote address at the 55th Annual Accountants’ Conference scheduled for 6th – 10th October 2025, and to seek sponsorship for accountants from the ministry to attend the conference.
The Acting Permanent Secretary of the Ministry, Sampson Ebimaro, while acknowledging the vital role of ICAN in regulating accounting processes in the country, sought ICAN’s 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.
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