The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the allocation of 65% of the 2025 budget to debt servicing, personnel costs, and overheads, saying that the huge allocation to recurrent expenditure raises questions about the government’s commitment to transitioning from a consumption-driven to a production-based economy.
Chairman of the National Policy Advocacy Centre (NPAC) and 2nd Deputy President, ACCI, Dr. Aliyu Hong, raised the concern at a webinar organized by the chamber, titled “The 2025 Budget of Nigeria and Its Implications for the Business Community.”
Hong, however, expressed satisfaction with the ₦54.99 trillion budget, the largest national budget in Nigeria’s history, in which the government prioritized security and infrastructure—two critical sectors essential for boosting trade, attracting investment, and creating job opportunities.
He said the budget came at a pivotal moment in the nation’s economic journey, marked by both challenges and opportunities, saying that the implementation of pro-business policies would be crucial for the business community.
“The proposed tax reforms, deployment of green technology, and stronger collaboration with the private sector present opportunities to enhance government revenue while fostering sustainable economic growth.
“While the government has set the framework, the private sector remains the engine of economic transformation. It is our collective responsibility to engage policymakers, advocate for necessary reforms, and drive innovation that ensures economic resilience,” he said.
The chairman urged stakeholders to actively engage with the government, seize emerging opportunities, and work collaboratively towards building a thriving business environment, adding that by turning challenges into opportunities, Nigeria could be driven toward sustainable economic prosperity.
On his part, the Director General of ACCI, Mr. Agabaidu Jideani, said that though the 2025 budget presented opportunities, there was a need for strategic reforms to unlock the country’s full economic potential.
Jideani said key areas such as tax policy simplification, foreign exchange stability, infrastructure development, and improved access to credit for SMEs must be prioritized to foster a more enabling business environment.
“With the right policies and a commitment to effective implementation, Nigeria can achieve sustainable growth and resilience in an evolving global economy.
“As the voice of the business community, particularly in the Federal Capital Territory, ACCI remains committed to deepening economic conversations and advocating for pro-business policies through its various arms. The business community is always ready to collaborate with the government to implement policies that will boost economic activities and drive national prosperity,” he said.
Mrs. Bolanle Azeez, Acting Director, Tax Policy and Advisory Department, Federal Inland Revenue Service (FIRS), outlined strategies to enhance tax revenue generation, improve compliance, and leverage technology for efficient tax collection.
Azeez stressed the importance of businesses aligning with tax policies to benefit from government incentives while contributing to national development.
Mr. Wole Adelokun, Partner, Strategy & Customer Solutions, Advisory Services at KPMG West Africa, commended government reforms for economic stability and advised businesses to remain agile, diversify portfolios, and explore new growth sectors.
Adelokun emphasized the need for operational efficiency, sound cash flow management, and leveraging industry associations like ACCI for advocacy.
In the manufacturing sector, Dr. Chigozie Igwe, ACCI Chairman of the Manufacturing Trade Group, expressed concerns over fiscal deficits, debt servicing, and exchange rate instability, which he said posed challenges to manufacturers.
Igwe urged the government to implement policy interventions to address inflation, high-interest rates, and production costs and highlighted the role of infrastructure investments in reducing the cost of doing business.
In a keynote address, Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, reaffirmed the government’s commitment to fostering a conducive business environment.
Bagudu said the 2025 budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” aligned with the National Development Plan (NDP) 2021–2025, prioritizing economic reforms, industrialization, and infrastructure development.
Represented by Auwal Muhammed, Deputy Director of the Economic Growth Department, the minister called on private sector players to engage in public-private partnerships (PPPs) and leverage investment opportunities in agribusiness, technology, infrastructure, and renewable energy.
