The Federal Government has introduced a new Investment Budgeting framework to stop funding non-performing projects and boost accountability as Nigeria targets a $1 trillion economy.
The Minister of State for Finance, Doris Uzoka-Anite, announced the reform during a meeting with Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group.
Uzoka-Anite said the government will no longer hand key national assets to operators who lack the skills, capital, or drive to deliver results. Instead, it will prioritise competence and measurable performance.
“Implementation is key,” she said. “Government will design policies, support the private sector, and provide funding. However, we will measure performance. We will track output, jobs, and income. If projects fail, we will withdraw support or recover funds.”
She stressed that weak oversight and poor incentives previously encouraged inefficiency. Therefore, the new system will enforce stricter supervision.
Stronger Oversight and KPIs
The government is now working with the Ministry of Finance Incorporated (MoFI) to review its equity in strategic assets. It also plans to strengthen monitoring and demand clear returns on public investments.
Under the new framework, authorities will tie funding to Key Performance Indicators. They will assess projects based on job creation, productivity, and income growth. Consequently, projects that miss agreed targets will lose government backing.
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Uzoka-Anite also outlined plans to deepen Nigeria’s financial markets. Rather than rely on grants, the government will attract long-term investments from pension funds and institutional investors.
To achieve this, it plans to launch a multi-sector umbrella fund with specialised sub-funds for priority industries. This structure will allow cautious investors to participate through professionally managed platforms with strong governance and risk controls.
Private Sector Discipline
Aduloju welcomed the reform and urged Nigeria to adopt competitive governance models. He cited Middle Eastern asset councils that review projects against strict national benchmarks and enforce performance rules.
In response, Uzoka-Anite said Nigeria will combine market discipline with minority government stakes. Meanwhile, capable private investors will manage operations under global standards.
Overall, the reform forms part of broader consultations between government and private sector leaders. Ultimately, officials aim to improve productivity, enforce accountability, and accelerate progress toward the $1 trillion economic goal.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
