The Nigerian government’s 2025 budget of ₦54.99 trillion has divided public opinion, with 50% viewing it as a risk. Concerns include reliance on borrowing and insufficient healthcare funding. Many advocate for transparency and recommend diversifying revenue sources. Confidence in the budget’s ability to address economic challenges is low, with suggestions for prioritizing key sectors like infrastructure.
In a recent announcement, the Nigerian government has increased its budget for 2025 to a staggering ₦54.99 trillion. Public opinion surrounding this decision is notably split. According to BusinessDay’s January 2025 TalkExchange poll, a significant 50% of respondents view this budgetary expansion as a risky move likely to result in increased national debt. Meanwhile, around 30.8% believe the outcome depends on the allocation of funds, while 15.4% perceive it as a commitment to national development. Only a small fraction, 3.8%, are unsure of their stance.
Concerns revolve significantly around the government’s dependency on borrowing, as 42.3% of participants in the poll think this could be manageable if the funds are allocated judiciously to stimulate economic growth. Conversely, 30.8% fear that such borrowing will exacerbate existing debt problems. Furthermore, 23.1% suggest that sustainability hinges on improvements in revenue generation.
The budget includes ₦200 million earmarked for healthcare to mitigate shortfalls from U.S. aid. However, 46.2% of the public believe that this amount is inadequate for the sector’s actual needs, while 42.3% emphasize that the effectiveness of such funding is contingent upon proper management.
Trust in the budget’s potential to address economic challenges is notably low, with only 7.7% of respondents expressing strong confidence. Around 46.2% convey little confidence in the budget’s ability to foster economic stability, and 30.8% express outright skepticism. When asked which sectors should receive increased funding, 46.2% favor infrastructure improvements, followed by education at 26.9% and healthcare at 23.1%.
Responses regarding the anticipated impact of the budget on the economy are mixed. While 19.2% expect it to spur growth, 57.7% remain apprehensive, fearing that it may lead to heightened national debt and financial instability. Revenue generation also poses challenges, with 38.5% feeling that current government efforts in taxation and reforms are inadequate.
Participants have made various recommendations for ensuring the budget effectively addresses economic issues. Many suggest enhancing transparency and accountability, while others recommend reducing excessive expenditures associated with political offices. One respondent remarked, “To ensure the increased budget effectively tackles Nigeria’s economic challenges, the government must enhance transparency and accountability to prevent fund mismanagement while prioritising key sectors.”
Several respondents also stress the importance of diversifying revenue streams beyond oil, proposing an exploration of sectors like solid minerals and tourism. An individual stated, “Expanding revenue sources beyond oil through improved tax collection, solid minerals, fintech, and tourism will create sustainable funding.”
In conclusion, public opinion on Nigeria’s ₦54.99 trillion budget for 2025 reflects significant concerns regarding debt sustainability and economic management. While some view the budget as an opportunity for growth, many fear it may exacerbate financial instability unless managed effectively. Calls for transparency, accountability, and sector prioritization are paramount, as the nation seeks to navigate its economic challenges and reduce reliance on oil revenue.
Original Source: businessday.ng
