Experts Advocate AI-human Capital Integration Into National Budgets

As the Nigerian government faces mounting economic pressures, experts are urging a rethink of national budgeting, one that puts artificial intelligence and human capital at the centre of decision-making.

Stakeholders across academia, government and the private sector, who gathered at Covenant University, Ota, Ogun State, for the seventh edition of the Centre for Economic Policy and Development Research (CEPDeR) National Budget Roundtable (NBR) and Panel Discussion, called for the strategic integration of Artificial Intelligence (AI) and human capital development into Nigeria’s national budget framework to drive sustainable growth.

The chairperson at CEPDeR, Busayo Aderounmu, in her remarks, explained that CEPDeR was established in 2018 by the Department of Economics and Development Studies of the university with a mission of ‘Linking Research to Policy and Practice’.

“CEPDeR is driven by the passion of having an interface among academia, policymakers and industry practitioners.

“Our collective objective remains to strengthen Nigeria’s national budgeting framework as a strategic instrument for inclusive growth, structural transformation and sustainable development,” she said.

Speaking about the 2026 event with the theme “National Budgeting, Artificial Intelligence and Human Capital Development”, she emphasised that every year, the centre inaugurates new fellows ranging from graduate research associates to principal research fellows, and this year, about twenty new fellows will be inaugurated to join the think tank of the centre.

Moreover, Aderounmu said that the 2026 NBR offers Nigeria an opportunity to rethink how technology and fiscal policy can work together to build a more productive, skilled and future-ready population.

“We are living in a defining era of global transformation driven by rapid advances in AI, automation, digital systems and data governance. These technologies are reshaping productivity systems, labour markets, public service delivery, education models, financial systems and even national competitiveness,” she said.

Vice-chancellor of CU, Timothy Anake, remarked that national budgeting is far more than an annual financial exercise. According to him, it is one of the most explicit expressions of a nation’s priorities and developmental intent.

“In today’s rapidly changing world, budgeting systems must evolve beyond traditional frameworks into more brilliant, data-driven, transparent and technology-enabled instruments of governance.

“This is where AI offers transformative possibilities: enhancing fiscal forecasting, improving expenditure efficiency, reducing leakages and strengthening accountability. However, as we embrace these opportunities, we must also advance responsible AI governance frameworks that ensure ethical deployment, fairness, data protection and national security,” he said.

According to him, the discourse aligns directly with Nigeria’s aspirations under the National Development Plan (2021-2025), the Renewed Hope Agenda and the National Digital Economy Policy and Strategy.

In addition, he said, “We are not merely discussing budgets and technologies; we are shaping destinies. For when a nation invests rightly in knowledge, innovation and human capacity, it secures a future of greatness for generations yet unborn.”

Director at the Institute of Capital Market Studies, Uche Uwaleke, in his keynote address, explained that national budgeting involves the systematic allocation, monitoring and evaluation of public resources to achieve socio-economic objectives.

“Nigeria operates within a federal structure characterised by revenue volatility, recurrent-heavy spending and persistent deficits,” he said.

Uwaleke described AI as systems that simulate human intelligence – machine learning, predictive analytics, natural language processing, and automation – to analyse vast datasets, forecast outcomes, and optimise decision-making.

He further explained that human capital development encompasses investments in education, health, skills, and well-being that enhance productivity and quality of life.

“The nexus is clear: AI can make budgeting more predictive and equitable, while targeted budgetary investments in AI-driven human capital development programmes can unlock demographic dividends.

“We were implementing parts of the 2023 and 2024 budgets alongside the 2025 budget. This approach stretched already limited resources. Furthermore, there is the challenge of overdependence on oil revenue,” he noted.

Speaking on policy recommendations, Uwaleke suggested adopting AI-driven budgeting systems and establishing AI units within ministries, departments, and agencies of government.

“We do not have AI units in most ministries currently, so we need to establish them and also train the people who will manage them,” he said.

The panellists, which include Oreitan Adigun, director of economics and strategy at the Chartered Institute of Bankers of Nigeria (CIBN); Olufunke Oladipupo, a professor of AI and data management; and Funmilayo Ayeni, country director at Innovations for Poverty Action (IPA), Nigeria, talked about human capital development, citing examples of the banking sector and the ‘Japa’ wave and how it is affecting the banking sector and what the sector is doing to mitigate the issue.

On the potential of AI to improve educational outcomes, Ayeni said AI is a game-changer, adding that for a nation like Nigeria, where there are resource gaps for learners and teachers, AI has great potential.

She added that despite the fact that some of the best minds in the country are leaving due to the Japa wave, “we have to maximise AI to continue to tap into their knowledge.

Oladipupo emphasised that to budget well, budget data must be driven by data.

“Data-driven in the sense that you know where there is a need before we begin to put values against our budgets.

“Also, AI is for everyone. If everyone is not involved, it may not be able to work,” she said.