Labour Party’s presidential candidate in the last election, Mr. Peter Obi, has urged President Bola Tinubu to provide a detailed breakdown of expenditures to justify the sudden increase in the 2025 budget.
In a statement on Friday, Obi noted that while the revenue sources were disclosed, there was no corresponding explanation of how the additional funds would be allocated. He emphasized the need for transparency and accountability, stating that Nigerians deserve to know how public funds are being spent to ensure they contribute to national development and the well-being of citizens.
“Yesterday, I read about the increase in the Budget of Restoration to N54 trillion due to increased revenue. While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability, Nigerians need to know how the resources generated from them are allocated and judiciously spent on national development,” Obi stated.
He stressed that these expenditures should be channeled into crucial sectors such as education, healthcare, security, and poverty alleviation. Obi also called for a full account of the execution and expenditures of the Renewed Hope budget, passed in December 2023, to ensure it was properly utilized for the country’s development.
Furthermore, he urged the National Assembly to seize this opportunity to obtain and publicly release the full details of the 2024 budget, emphasizing that transparency in budget allocation is essential for accountability and informed policymaking.
“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” Obi added.
President Bola Tinubu recently increased the proposed 2025 budget from N49.7 trillion, which he initially presented in December, to N54.2 trillion. The increase was communicated to the National Assembly through separate letters addressed to both legislative chambers.
According to Tinubu, the revised budget includes an additional N1.4 trillion in revenue from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government-owned agencies. He explained that the increase would strengthen the Bank of Agriculture and the Bank of Industry while supporting economic diversification through investments in solid minerals and infrastructure.
Minister of Budget and Economic Planning, Atiku Bagudu, also stated that the government had identified additional revenue streams from government-owned enterprises, enabling the budget expansion. He emphasized that legislative discussions led to the realization that institutions like the Nigeria Customs Service could generate more revenue than initially estimated.
“The legislative work continued with interactions between the executive and the National Assembly. In that process, the Senate Committees on Appropriation, National Planning, and Finance established that more revenue could be generated. Consequently, additional revenue of over N4.5 trillion was identified and allocated to key development areas,” Bagudu explained.
He further noted that amendments to the Medium-Term Expenditure Framework (MTEF) would follow to reflect these changes.
As Nigerians await further clarifications, Obi’s call for transparency remains a significant demand for ensuring accountability in public financial management.
