The Federal Government has announced its intention to develop a green budget aimed at addressing the challenges of climate change in Nigeria.
This was disclosed by the Minister of Budget and Economy Planning, Abubakar Bagudu, during the public presentation of the Review of Nigeria’s 2024 Climate Budget and the Energy Transition Plan in Abuja.
Represented by Dr. Sanjo Faniran, the Director of the Social Development Department of the Ministry, the minister highlighted the government’s commitment to mobilize resources from both the private and public sectors to address the nation’s climate needs.
He mentioned that various innovative approaches are being considered to mobilize resources for the sector.
“We are working towards agitation or having a brainstorming session on green funding (budget) for climate change in Nigeria, and we will do that one on a high-level basis,” Bagudu said.
READ ALSO: Impact of Climate Change on African Real Estate Sector and Sustainable Solutions
Dr. Michael David, the Executive Director of Global Initiative for Food Security and Ecosystem Preservation (GIFSEP), expressed concerns over the low allocation for climate in the 2024 budget. He emphasized the need for the government to allocate more funds to combat climate change, citing the impact on the economy, food security, security, and the general way of life.
David stated, “The 2024 appropriation Act is not climate-friendly, so the country actually needs to move in the side of green budgeting considering the impact of climate change on our economy, on our food security, security and on our way of life, climate should be treated as an emergency situation, and in that case we should increase funding for climate.”
The event, which was attended by representatives of the Minister of Agriculture and Food Security, civil society organizations, and other stakeholders, also featured a presentation on the Review of the Nigerian Energy Transition Plan by Professor Shuaib Hassan of the University of Abuja.
