• NACCIMA raises concerns over N13tr deficit
Civil Society Legislative Advocacy Centre (CISLAC), yesterday, opposed President Bola Tinubu’s proposal to increase the 2025 budget from N49.7 trillion to N54.2 trillion.
This was as the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) raised concerns about Nigeria’s economic outlook for 2025, citing the increasing budget deficit and inadequate support for the private sector.
CISLAC Executive Director, Auwal Rafsanjani, in a statement made available to newsmen, acknowledged the reported additional revenues from key government agencies.
While noting the proposed increase as unprecedented and potentially unconstitutional, the CISLAC helmsman argued that the proposed increase by N4.5 trillion referenced Section 81(4) of the 1999 Constitution, which stipulates that if the amount appropriated by the Appropriation Act is insufficient, or if additional expenditure is required, a supplementary estimate must be presented to the National Assembly. CISLAC argues that the proposal bypassed this constitutional requirement, raising critical legal and procedural concerns.
Rafsanjani, who also serves as the Head of Transparency International Nigeria (TIN), criticised the manner in which the budget increment was introduced. Instead of following due process with a supplementary appropriation bill, the executive merely informed the National Assembly through a letter.
He warned that “this deviation from established legislative procedures undermines the sanctity of the budgetary process and could set a dangerous precedent for future fiscal governance.”
The statement reads: “The cited additional revenues were not sudden; failing to account for them in the initial budget highlights poor fiscal foresight.”
He lamented the absence of prior consultation with the leadership of the National Assembly before making such a substantial adjustment.
This unilateral decision-making, it argues, weakens the constitutional principle of checks and balances, and sidelines the legislature’s role in fiscal oversight.
THE President of NACCIMA, Dele Oye, during an interview on Arise News ‘This Morning Show’, yesterday, said Nigeria’s budget deficit, already estimated at N13 trillion, had been further exacerbated by an additional N4.5 trillion, raising questions about the country’s fiscal sustainability. While acknowledging the government’s decision to channel some funds towards the Bank of Agriculture (BoA) and the Bank of Industry (BoI), he stressed the need for proper funding of the institutions to ensure the availability of affordable, single-digit interest loans for the productive sector.
“We are already worried by the huge deficit in the budget, which is almost at N13 trillion, and, just yesterday, we heard that the government was increasing the budget with another N4.5 trillion. The only happy news from there, even as we don’t know the source, is that the money is going to be used to support the BoA and BoI, which is one of what we have been crying for in the private sector, that those institutions should be properly funded so that we can have reasonable single-digit loans to support the productive sector,” he said.
Oye, who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), noted that in the 2024 budget, most of the financial allocations favoured the public sector, leading to increased government spending, leaving businesses with limited financial backing.
However, he acknowledged what appears to be a shift in policy, as the government now seems to be making deliberate efforts to fund the private sector.
“We are seeing a deliberate action by the government now, to try and see how they can fund the private sector, especially the productive sector. If that money truly is going to the private sector through those institutions, it will naturally increase productivity,” he stated.
Oye emphasised that imposing additional taxes and sanctions would not resolve Nigeria’s economic challenges, particularly inflation, but would instead stifle business growth.
