During the National Economic Summit in Abuja, the Senior Special Adviser to the President on Sustainable Development Goals (SDGs), Mrs. Adegoke Orelope-Adefulire, revealed that the Nigerian government has estimated an annual funding requirement of $10 billion for the successful implementation of the Sustainable Development Goals (SDGs) in the country.
Speaking on the theme, “Half Point to 2030: Rethinking the Strategy Towards Achieving the SDGs,” Mrs. Orelope-Adefulire emphasized the necessity of implementing the Addis Ababa Agenda, which emphasizes financing the SDGs as a pivotal step.
She acknowledged the financial constraints faced by both the federal and sub-national governments in covering the substantial financial needs of the SDGs annually.
As a solution, she advocated for the exploration of alternative funding sources.
Mrs. Orelope-Adefulire pointed out, “The biggest elephant in the room is how to raise the $10 billion funding required to finance the SDGs annually because the budget of both the federal and sub-national governments put together can’t match the half of the said fund needed to implement SDGs in Nigeria.”
To address this funding gap, she recommended expanding the tax base and encouraging contributions from the public and private sectors.
She stressed the importance of broadening the tax net and bringing previously untapped entities into compliance.
She highlighted the significance of engaging with donors and securing private sector support.
Mrs. Orelope-Adefulire called on sub-national governments, including states and local authorities, to actively participate and collaborate in the endeavor to fulfill Nigeria’s social contract through SDG implementation.