In a move that has sparked widespread debate and concern, Nigeria’s 2025 Budget of Restoration witnessed an unprecedented rise to N54 trillion. Peter Obi, Labour Party’s candidate in the recent 2023 Presidential Election, has taken center stage, demanding increased transparency and accountability behind this dramatic budget escalation.

The Rising Numbers

President Bola Tinubu announced this staggering increment from the previous N49.7 trillion to a new high of N54.2 trillion, attributing it to notable revenue growth. According to Nairametrics, this budget increase aims to consolidate the administration’s diversification efforts.

Obi’s Stance on Budget Allocation

Reacting passionately on his social media platform, Obi insisted that such substantial expenditures must align with developmental priorities. He articulated the necessity of directing funds toward critical sectors like education, healthcare, security, and poverty alleviation.

Transparency and Accountability: Obi’s Call

In his own words, Obi stressed, “While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase.” This plea for transparency resonates with many, as past budgets have left citizens questioning the veracity and utilization of allocated funds.

Learning from the Past

The call for transparency extends beyond the 2025 budget. Reflecting on previous budgets, Obi noted the need for a comprehensive account of the ‘Renewed Hope’ budget passed in December 2023. His appeal to the National Assembly emphasized publicizing full budget details, fostering an environment of accountability and informed national progression.

The Government’s Response

In addressing the budget’s components, Minister of Budget and National Planning, Senator Atiku Bagudu, justified the increment. He explained that bolstering the Bank of Agriculture and the Bank of Industry, alongside investment in solid minerals and infrastructure, were central goals. Additionally, President Tinubu cited significant revenue boosts from key agencies, underpinning the budget’s viability.

The Way Forward

As Nigeria grapples with this budgetary conundrum, the discourse initiated by Peter Obi serves as a crucial reminder of the importance of openness and strategic fiscal governance. Obi’s heedful dialogue envisions a future where budget allocations reflect genuine growth, well-being, and the reinforced trust of the Nigerian people.