The Peoples Democratic Party (PDP) has raised concerns over the 2025 budget proposal presented by President Bola Ahmed Tinubu, describing it as unrealistic and disconnected from the pressing needs of the people. The budget, which amounts to ₦47.9 trillion, was recently unveiled at a joint session of the National Assembly in Abuja. The party criticised the budget contents, arguing that it fails to address key challenges such as insecurity, poverty, and inflation. In a statement released by its National Publicity Secretary, Debo Ologunagba, the PDP alleged that the plan was filled with unverified economic data and empty promises.
Furthermore, they argued that the lack of clear details on capital and recurrent expenditures raises doubts about the sincerity of the government’s intentions. Their assessment centres on the proposed plan’s inability to offer real solutions to the country’s challenges. According to the opposition party, the proposal’s implementation could increase existing socio-economic issues and continue to weaken the already vulnerable citizens. They pointed out that the budget failed to allocate sufficient resources to critical sectors such as agriculture, energy, and small and medium-scale enterprises (SMEs), which are pivotal for economic recovery and development.
Concern about unrealistic projections and economic challenges.
Additionally, they address the president’s claim of achieving an 85% performance rate for the 2024 allocation. They argued that the lack of a clear breakdown between capital and recurrent expenditures undermines the credibility of such claims. Meanwhile, the party expressed doubts about projections that the 2025 appropriation would reduce Inflation from 34.6% to 15% and improve the Naira’s exchange rate from ₦1,700 to ₦1,500 per dollar. They further labelled the economic forecasts in the allocation as unrealistic, arguing that they do not align with the country’s current economic challenges.
With the country already burdened by about ₦134.3 trillion in debt, the party expressed scepticism about the feasibility of the administration’s fiscal projections. They also criticised the allocation priorities, emphasising the inadequacy of the proposed funds for essential sectors. For example, ₦4.91 trillion is allocated for defence and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education. The PDP contends that these allocations are insufficient to address the root causes of insecurity, revive the economy, or improve the quality of life for Nigerians.
National Assembly was urged to conduct a thorough review of the budget.
In its statement, the PDP urged the National Assembly to thoroughly review and restructure the financial proposal to prioritise the needs of the citizens. The party called on lawmakers to exercise their constitutional powers to ensure that the allocation aligns with national development goals and addresses the country’s most pressing issues. The party argued that a well-structured financial plan could serve as a roadmap for economic recovery and social stability. They emphasised the need for clear strategies to create jobs, reduce the cost of living, and improve public services.
As stated, the current financial proposal lacks these crucial elements, making it unsuitable for implementation in its present form. Thoroughly vetting the national fiscal plan is crucial for ensuring financial prudence and operational efficiency. The criticism underscores the importance of aligning financial plans with national priorities and economic realities. A detailed review can identify potential gaps and inconsistencies, allowing for necessary adjustments to prevent fiscal imbalances and ensure effective service delivery. Meanwhile, it also promotes accountability, ensuring that allocated funds are used for their intended purposes.
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Lastly, these concerns highlight the need for transparency and public trust in budgeting. By involving stakeholders and ensuring that the plan reflects the population’s true needs, the government can promote confidence in its ability to manage public resources effectively. This approach is essential for addressing key challenges such as inflation, unemployment, and inadequate social services. As this debate unfolds, it is clear that a comprehensive and inclusive approach to fiscal planning is necessary to navigate the country’s economic challenges.