The passage of Nigeria’s 2025 budget has been fraught with controversy and uncertainty, raising concerns about its impact on the nation’s economy and the welfare of ordinary citizens. President Bola Ahmed Tinubu’s proposed budget of ¦ 47.9 trillion has been met with scepticism, with many questioning its ability to address Nigeria’s pressing socio-economic challenges.

A major concern is the budget’s heavy emphasis on debt servicing. With ¦ 15.81 trillion allocated for this purpose—more than the total combined allocations for defence, infrastructure, health, and education—many argue that the budget prioritises debt repayment over critical development needs. Additionally, ¦ 13.08 trillion of the budget is a deficit to be funded by borrowing, raising alarm about Nigeria’s escalating debt burden and the long-term economic risks associated with excessive borrowing.

Critics contend that the budget fails to address the worsening conditions of poverty, hunger, and unemployment in the country. According to the National Bureau of Statistics, over 64% of Nigerians had to skip meals and go to bed hungry in 2024. The year also ended with nearly 100 people dying in desperate stampedes for “palliatives.” This grim reality underscores the budget’s inadequacy in addressing the fundamental needs of Nigerians.

The budget appears to be built on shaky assumptions regarding crude oil production, refined petroleum imports and exports, exchange rates, inflation, and investment inflows. These assumptions raise questions about the realism of the budget’s projections and the government’s capacity to implement it effectively. Without a solid economic foundation, the risk of another cycle of unfulfilled promises looms large.

The budget process has also exposed flaws in legislative preparedness. The National Assembly initially passed a revised ¦ 54.99 trillion budget on 13 February 2025, only to later reverse its decision after discovering significant errors in the document. Originally presented by President Tinubu as a ¦ 49.7 trillion budget, it was later increased to ¦ 54.2 trillion. However, discrepancies in the appropriation bill forced lawmakers to reconsider their approval.

This reversal highlights the critical need for thorough scrutiny and accountability in the budgeting process. The National Assembly’s decision to re-examine the budget is commendable, but the errors themselves reflect a worrying lack of diligence. A national budget is the blueprint for economic planning and should be free from such inconsistencies.

Public reaction to the 2025 budget has been overwhelmingly negative. Many Nigerians have described it as “anti-people” and lacking a clear economic direction. Inflation remains a major concern, as the budget’s reliance on borrowing could exacerbate rising prices and further strain household incomes.

Another glaring shortcoming is the inadequate investment in human capital. Education, healthcare, and poverty alleviation remain underfunded, leaving millions of Nigerians without access to essential services. Critics also point to the overemphasis on recurrent expenditure at the expense of capital projects, which are crucial for long-term economic growth and infrastructure development.

Moreover, the discovery of errors and discrepancies in the budget has further eroded public trust in the government’s economic management. Many are now calling for a more transparent and inclusive budgeting process that prioritises the needs of citizens over political interests.

Nigeria’s 2025 budget should be a tool for national progress, not a source of contention and disillusionment. The government must take urgent steps to address these concerns, ensuring that fiscal policies are people-centred and that economic decisions truly serve the collective interests of the nation.