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Nigerians, experts express mixed feelings over 2025 budget proposal

By Charles Ogugbuaja, Owerri 
20 December 2024   |   5:56 am
Following Wednesday’s presentation of the 2025 national budget proposal by President Bola Tinubu to the joint session of the National Assembly, some Imo residents have expressed mixed feelings.
President Bola Tinubu presenting the 2025 Appropriation Bill to the joint session of the National Assembly, yesterday.

Seek prudent implementation 

Following Wednesday’s presentation of the 2025 national budget proposal by President Bola Tinubu to the joint session of the National Assembly, some Imo residents have expressed mixed feelings.

While some praised the budget proposals, others criticised components of the total budget size.
A commentator on social issues, Lawrence Nwaodu, in his reaction, opined that the projected strategic pattern of spending signified challenges ahead.

He said: “Note that the 2025 National Budget has a provision of over N15 trillion as debt servicing; that’s about 32 per cent of the entire budget. Then, over N13 trillion as loans; that’s another 28 per cent, and over N34 trillion in revenue projections. I believe the new tax reforms and its accruals are already integrated – so watch out, if you are in places or the social divide that it might not favour much.

“That’s another dare challenging times ahead. An educated trader, John Igwe, opined that 26 per cent of the budget size should have been appropriated for education as specified by the United Nations.

He said: “Though the President proposed an excess of N3 trillion for the education sector, lower than Defence and Infrastructure, I still believe that education plays a pivotal role in any economy alongside agriculture and others. 

“That percentage, as recommended by the world body, is necessary. I wonder why N13 trillion will be borrowed to finance the 2025 budget despite the assurances of stabilisation. We have borrowed so much. Where are the funds realised from the petrol subsidy withdrawal going into? Are the politicians using them to buy high-brow vehicles and earnings?”

Others who spoke with The Guardian advised the President to assemble economic experts truly committed to rescuing the Nigerian economy and lessen the hardship.

ALSO, experts in social and economic sectors have advocated proactive financial regulatory measures to ensure probity and accountability in the implementation of the 2025 budget.

The experts, including economists, academics, public administrators and entrepreneurs, spoke in Bauchi, Dutse and Gombe, while reacting to the 2025 budget presentation to the National Assembly by the President.

They said the measure is imperative to stimulate the successful implementation of development programmes outlined in the proposed estimate. Tinubu on Wednesday presented an N49.7 trillion government expenditure proposal for the 2025 fiscal year.

Highlights of the budget allocations included N4.91 trillion for defence and security; infrastructure N4.06 trillion, health N2.48 trillion and education N3.52 trillion.

The budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment and poverty reduction, as well as promote equitable income distribution and human capital development.

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