N47 Trillion 2025 Budget: A Step in the Right Direction? -By Muhammad Konto

As the Senate announces that President Bola Tinubu will present the N47 trillion 2025 budget this week, many Nigerians are left wondering if this budget will bring the much-needed relief to the country’s economic woes.

The proposed budget is a significant increase from the previous year, but will it be enough to address the country’s numerous challenges? The N47 trillion budget is premised on an ambitious oil price of $75 per barrel and target production of 2 million barrels per day.

However, with the prevailing exchange rate of $1/N1,679, the budget translates to $27.96 billion, a 22.27 percent drop from the 2024 budget of $35.97 billion benchmarked at N800/$1.

This significant drop in the value of the budget raises concerns about the government’s ability to effectively implement its policies and programs. The budget’s value is not just a matter of numbers; it has a direct impact on the lives of Nigerians.

Furthermore, the budget’s allocation to various sectors is crucial in determining its effectiveness. Will the budget prioritize the needs of the poor and vulnerable, or will it cater to the interests of the wealthy and powerful?

The proposed budget is also expected to address the country’s infrastructure challenges, including the rehabilitation of roads, bridges, and other critical infrastructure. However, with the budget’s value dropping significantly, it remains to be seen if the government can deliver on its promises.

In addition, the budget’s impact on the country’s economy cannot be overstated. A well-structured budget can stimulate economic growth, create jobs, and reduce poverty. On the other hand, a poorly implemented budget can exacerbate the country’s economic challenges.
As the President presents the budget to the National Assembly, it is essential that lawmakers carefully scrutinize the document to ensure that it aligns with the country’s developmental needs.

The budget’s success also depends on the government’s ability to block leakages and ensure that funds are utilized efficiently. The ICPC’s efforts to track constituency projects are a step in the right direction, but more needs to be done to prevent corruption and mismanagement of public funds.

Moreover, the budget’s implementation must be transparent and accountable. The government must provide regular updates on the budget’s performance and ensure that funds are utilized in accordance with the budget’s provisions.

The N47 trillion budget is a significant investment in the country’s future, but its success depends on the government’s ability to implement it effectively. As Nigerians, we must demand transparency, accountability, and good governance to ensure that the budget delivers on its promises.

The National Assembly must also ensure that the budget is people-oriented and addresses the country’s developmental challenges. The lawmakers must scrutinize the budget to ensure that it aligns with the country’s needs.

The government must also ensure that the budget is implemented in a way that promotes economic growth and development. The budget must be designed to stimulate economic growth, create jobs, and reduce poverty.

As the budget is presented to the National Assembly, we urge lawmakers to carefully scrutinize the document to ensure that it aligns with the country’s developmental needs.

We also call on the government to provide regular updates on the budget’s performance and ensure that funds are utilized in accordance with the budget’s provisions.

Muhammad Konto
Mass communication department,
Borno state university, Maiduguri.