The Nigerian government’s 2025 budget of ₦54.99 trillion has sparked divided opinions among citizens. Many express concerns about increased borrowing and debt crises, while others focus on effective fund usage as crucial for economic growth. Public confidence in the budget handling economic challenges is notably low, emphasizing a need for increased transparency and strategic allocation towards essential sectors.
The Nigerian government has unveiled a substantial budget for 2025, amounting to ₦54.99 trillion, eliciting a polarized response from the public. According to BusinessDay’s January 2025 TalkExchange poll, 50% of respondents perceive this move as risky, fearing heightened borrowing and potential debt crises. Conversely, 30.8% suggest the effects depend on fund allocation, while 15.4% see it as indicative of a commitment to national development, leaving just 3.8% uncertain.
Concerns relating to the government’s borrowing strategy are prevalent, with 42.3% believing sustainable economic growth hinges on wise fund management. However, 30.8% foresee increased debt and financial burdens, and 23.1% speculate sustainability could be achieved through enhanced revenue generation. Only 3.8% expressed uncertainty on this matter.
The allocation of ₦200 million for healthcare to address U.S. health aid shortages has been met with skepticism. A considerable 46.2% deem the funding insufficient for healthcare needs, while 42.3% assert that its effectiveness heavily relies on prudent fund management. Only 7.7% commend it as a significant contribution, with 3.8% undecided.
Public confidence in the budget’s capability to resolve economic issues remains low. A mere 7.7% are very confident, while 15.4% express some confidence; in contrast, 46.2% are not very confident, and 30.8% are entirely skeptical. When asked about prioritizing funding, 46.2% advocate for infrastructure, followed by education at 26.9%, and healthcare at 23.1%. Security received the least support at 3.8%.
Considering the anticipated effects of the budget on Nigeria’s economy, 19.2% foresee growth and development. Conversely, 57.7% predict an increase in national debt and financial instability, while 11.5% expect inflation and rising living costs. Concerns remain about revenue generation beyond borrowing; 23.1% note the government’s efforts in taxation reforms, yet 38.5% assert the need for further enhancement of local industries.
Respondents emphasized necessary measures for the budget to effectively address economic issues. Many advocate for increased transparency, accountability, and judicious spending, with recommendations to trim unnecessary expenditures and political office costs. One opinion stated: “To ensure the increased budget effectively tackles Nigeria’s economic challenges, the government must enhance transparency and accountability to prevent fund mismanagement” – Source.
Suggestions also included diversifying revenue sources away from oil to sectors such as solid minerals, fintech, and tourism, with one respondent noting: “Expanding revenue sources beyond oil through improved tax collection…
In summary, the Nigerian government’s ₦54.99 trillion budget for 2025 has garnered mixed reactions, highlighting concerns over borrowing and its potential economic impact. While some view the budget as a commitment to development, significant skepticism exists about fund allocation and its effectiveness in addressing critical sectors, particularly healthcare. Ensuring transparency and accountability, along with resource diversification, will be fundamental to realizing the budget’s intended benefits for the economy.
Original Source: businessday.ng
