Opposition parties, including the Coalition of United Political Parties, the Peoples Democratic Party, and the New Nigeria Peoples Party have criticised President Bola Tinubu’s proposed 2025 budget of N47.9tn, saying its feasibility and potential to address Nigeria’s economic challenges are doubtful.
On Wednesday, President Tinubu presented the budget to a joint session of the National Assembly, emphasising its focus on economic recovery and development.
But the opposition parties have raised various concerns.
CUPP National Secretary, Peter Ahmeh, cited instances of budget duplication and mismanagement, claiming that previous APC-led budgets had not translated into meaningful development.
“Every year, the budget increases, but so does poverty. Resources are being mismanaged, roads are deteriorating, and government expenses are skyrocketing. Without proper reviews and effective implementation, this budget will yield little to no development,” Ahmeh stated.
The CUPP secretary also questioned the impact of previous budgets, citing unfulfilled promises and increasing hardships for Nigerians.
On his part, NNPP National Publicity Secretary, Ladipo Johnson, described the budget’s inflation and exchange rate targets as overly optimistic.
He said “Headline inflation in November 2024 was 34.6%, yet the budget sets a target of 15%. To achieve this, inflation would need to drop by 1.63% per month, which seems unrealistic without clear strategies.
“Food inflation, driven by insecurity in food-producing areas, accounts for half of the headline inflation, and there’s no significant plan for mechanised farming.”
He also questioned the exchange rate projection, which targets a reduction from N1,650 to N1,500 per dollar, and raised concerns about persistent oil theft undermining production targets.
Speaking in the same vein, PDP Deputy National Youth Leader, Timothy Osadolor, criticised the budget for its reliance on borrowing and accused the administration of failing to address fundamental economic challenges.
“This budget is filled with rhetoric and unrealistic projections. The government claims to save money while constantly seeking loans. Corruption within the administration undermines any chance of success,” Osadolor said.
He underscored the struggles of ordinary Nigerians, citing skyrocketing food prices, a declining foreign exchange rate, and a stagnant industrial sector.
“A bag of rice now costs more than the minimum wage of most Nigerians. The National Assembly must prioritise strategies to grow the economy instead of relying on endless borrowing,” he said.
Across the board, the opposition raised questions about the sustainability of the budget and its potential impact on Nigeria’s growing debt burden.
They urged the government to adopt more transparent, realistic, and actionable policies to tackle inflation, enhance food security, and address the structural weaknesses in the economy.
