Public Reactions to Nigeria’s ₦54.99 Trillion 2025 Budget: A…

The Nigerian government has increased the 2025 budget to ₦54.99 trillion, garnering mixed reactions from the public. A BusinessDay poll indicates that over half of respondents view the budget as risky due to potential increases in borrowing. Key concerns revolve around healthcare funding, economic sustainability, and the prioritization of strategic sectors such as infrastructure and education. Calls for greater transparency and diversification of revenue sources are prevalent among the populace.

The Nigerian government has announced a significant increase in its budget for 2025, now totaling ₦54.99 trillion. This decision has elicited a range of public reactions. According to a BusinessDay poll conducted in January 2025, 50% of respondents perceive the budget as risky, citing potential increases in borrowing and the looming threat of a debt crisis. In contrast, 30.8% believe the budget’s impact hinges on the management of the funds, while 15.4% view it as a positive step toward national development, and 3.8% remain uncertain.

Concerns surrounding the government’s approach to funding through borrowing were prominent in the survey results. While 42.3% believe there is a possibility for sustainability if the funds are judiciously used to enhance the economy, 30.8% fear it may exacerbate national debt. Meanwhile, 23.1% indicate sustainability might be achievable contingent on improvements in revenue generation, with 3.8% expressing uncertainty regarding the issue.

In the realm of healthcare, the government has allocated ₦200 million to address shortfalls in U.S. health aid, a figure which 46.2% of respondents consider inadequate for the sector’s needs. Additionally, 42.3% believe the success of this funding is heavily reliant on how it is managed, while only 7.7% view it as a meaningful contribution to healthcare, and 3.8% are unsure.

Confidence in the budget’s capability to address ongoing economic issues is notably low. A mere 7.7% of individuals express strong confidence, with 15.4% feeling somewhat confident. Conversely, 46.2% indicate they are not very confident, and 30.8% have no confidence in the matter at all.

Regarding the prioritization of funding across various sectors, 46.2% advocate for increased investment in infrastructure, such as roads and electricity. Education follows closely with 26.9%, while healthcare is cited by 23.1%. Security receives minimal support, with only 3.8% advocating for it to receive more funding.

Regarding the anticipated effects of the budget on Nigeria’s economy, 57.7% of participants fear it will lead to increased national debt and financial instability. In contrast, 19.2% expect it to foster economic growth, while 11.5% foresee enhancements in public services and infrastructure.

The challenge of revenue generation beyond borrowing remains a critical issue. While 23.1% acknowledge government efforts to enhance taxation and reforms, 38.5% assert that more must be done to stimulate local industries, with a similar 38.5% suggesting that the current progress is incomplete but shows promise.

Respondents offered various suggestions for the government to ensure the budget effectively addresses economic challenges. Many emphasized the necessity for enhanced transparency and accountability, urging the government to manage funds with integrity while focusing on vital sectors like infrastructure, agriculture, and manufacturing for sustainable growth.

One participant stated, “To ensure the increased budget effectively tackles Nigeria’s economic challenges, the government must enhance transparency and accountability to prevent fund mismanagement while prioritizing key sectors like infrastructure, power, agriculture, and manufacturing to drive growth.” Others stressed the need to diversify revenue sources beyond oil by improving tax collection in sectors like solid minerals and tourism.

Inflation control, exchange rate stability, and robust debt management were underlined as essential considerations. One response noted, “Inflation and exchange rate are being effectively controlled. I see better days ahead in Nigeria.” Another pointedly remarked on the need for the government to curtail luxury spending and misappropriation of state resources, advocating for a culture of sacrifice among elites.

The Nigerian government’s proposed budget for 2025, totaling ₦54.99 trillion, has sparked a mixture of apprehension and optimism among the public. While concerns about borrowing and economic sustainability prevail, many citizens believe the effectiveness of the budget hinges on responsible fund management and transparency. Prioritizing key sectors like infrastructure and healthcare could foster public confidence and better address Nigeria’s pressing economic challenges.

Original Source: businessday.ng