Daud Olatunji
President Bola Ahmed Tinubu and the opposition People’s Democratic Party (PDP) are at loggerheads over the N47.9 trillion 2025 budget proposal, with both sides presenting sharply contrasting views on its implications for Nigeria’s economic trajectory.
Tinubu, while presenting the budget to a joint session of the National Assembly on Wednesday, projected an optimistic economic outlook, asserting that inflation would drop from the current 34.6% to 15% by next year.
He also forecasted an improvement in the exchange rate from approximately N1,700 per dollar to N1,500.
According to Tinubu, the budget is anchored on strategic measures, including reduced importation of petroleum products, increased export of refined petroleum, improved agricultural output driven by enhanced security, and a decreased reliance on food imports.
The President stated that these factors would drive economic recovery and stability.
Debt Burden and Revenue Projections
However, the budget has drawn criticism for its substantial debt servicing allocation of N15.81 trillion, which constitutes a significant portion of the total expenditure.
Tinubu disclosed that the proposed N47.9 trillion budget anticipates a revenue projection of N34.8 trillion, leaving a deficit of N13 trillion.
Sectoral allocations include N4.91 trillion for Defence and Security, N4.06 trillion for Infrastructure, N3.5 trillion for Education, and N2.4 trillion for Health.
.…Tinubu’s N47.9trn Budget’ll Plunge Nigeria Into Deeper Mess – PDP
Despite these allocations, critics, including the PDP, have raised concerns about the budget’s viability and impact on critical sectors.
The PDP described the 2025 budget as “anti-people” and criticized its failure to address pressing economic challenges. I
In a statement by its National Publicity Secretary, Debo Ologunagba, the party argued that the budget lacks meaningful investments in agriculture, energy, and small and medium enterprises, which it described as the key drivers of the economy.
The opposition party further accused the Tinubu-led administration of insensitivity, noting that the budget does not include provisions to reduce the cost of fuel, food, and essential services.
It warned that the proposed budget could exacerbate unemployment, inflation, and insecurity, pushing millions of Nigerians into deeper poverty.
“The 2025 budget will shrink the national business environment, discourage investments, and lead to further naira depreciation,” the PDP stated, adding that the administration’s claims of improved economic performance lacked credible evidence.
The PDP also criticized the absence of detailed breakdowns between capital and recurrent expenditures in the budget, describing Tinubu’s address as “campaign rhetoric” devoid of tangible solutions to Nigeria’s economic woes.
The party urged the National Assembly to reject the budget as presented and instead rework it to prioritize economic growth and public welfare.
…2024 budget will be extended to June 2025 –Akpabio
Meanwhile, Senate President Godswill Akpabio announced that the lifespan of the 2024 budget would be extended to June 2025 to allow for smoother implementation and continuity.
Akpabio noted that the 2024 budget recorded a 50% performance for capital expenditure and 48% for recurrent expenditure.
A Nation Divided Over Fiscal Policy
As the debates continue, the 2025 budget has become a flashpoint for broader discussions on Nigeria’s economic priorities and governance.
While Tinubu remains confident in his administration’s projections, critics, including the PDP, have expressed doubts about its feasibility, warning of further hardship for the Nigerian populace.
The coming weeks will reveal whether the National Assembly aligns with Tinubu’s vision or heeds the opposition’s call for a major overhaul of the 2025 fiscal plan.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
