Criticisms followed yesterday?s passage of the record-breaking N54.99 trillion 2025 budget by the National Assembly, with some observers accusing lawmakers of misplaced priorities, fiscal irresponsibility, and potential political motives ahead of the 2027 elections.

President Bola Ahmed Tinubu raised the budget from N49.7 trillion to N54.2 trillion to meet the additional fiscal needs of Ministries, Departments and Agencies (MDAs). However, during its passage yesterday, the National Assembly further increased the amount to N54.99 trillion.

Speaking on the budget?s feasibility, Adewole Adebayor, the former presidential candidate of the Social Democratic Party (SDP), described the financial package as poorly designed and economically dangerous. Adebayor dismissed the increased figures as superficial, arguing that the plan fails to address Nigeria?s core economic challenges.

?Increasing the overall budget does not improve its structure. It doesn?t account for the country?s actual revenue, doesn?t meet the minimum benchmarks of previous years, and worsens our debt situation,? he said.

Adebayor criticised the government for prioritising spending in areas he deemed unproductive, warning that this approach would aggravate inflation and disrupt monetary policy goals. He pointed to insufficient investment in infrastructure and economic stability as evidence of the administration?s misplaced priorities. He cautioned that Nigerians should brace for a worsening financial crisis marked by higher inflation, severe forex instability, ballooning debt, and rising poverty levels.

Looking ahead, Adebayor noted that only one more budget would be passed before the next general elections. He urged Nigerians to view the financial mismanagement as a wake-up call, expressing doubts about the current administration?s ability to implement necessary corrections.

?The people should prepare to replace this government. The correction will have to come from the next administration,? he added. Similarly, the Human Rights Writers Association (HURIWA) questioned the rationale behind the unprecedented increase.

Speaking to The Guardian in a telephone interview, National Coordinator Emmanuel Onwubiko called on the National Assembly to provide a more transparent explanation for the adjustment.

?The reason given for this unprecedented increase in the budget is not tenable,? Onwubiko said, suggesting that the increase could be a strategy to divert funds for political campaigns ahead of the next elections.

?The only way Nigerians can interpret this is that some individuals in government might be diverting funds to prepare for upcoming elections, which are less than two years away,? he said, alleging that the ruling party may be using the inflated budget to incentivise defections and fund campaign activities.

Onwubiko referenced recent political movements, including defections to the ruling All Progressives Congress (APC), and called for Nigerians to scrutinise the National Assembly?s actions.

?Nigerians need to interrogate the actions of the National Assembly regarding these budgetary increases and demand a proper explanation for such an excessive increment,? he said. He also urged citizens to hold lawmakers accountable to ensure transparency and prevent misuse of public funds.

?The explanation given for this budget increase is completely unacceptable. It is unfortunate and must be challenged,? Onwubiko emphasised. The increase has sparked widespread concern, with many Nigerians now awaiting further clarification from the government and the National Assembly on the justification for the hike.

However, the National Assembly defended its approval of the 2025 Appropriation Bill. The adjustment, lawmakers said, followed legislative reviews that identified additional revenues from key government agencies. The expanded budget provides significant funding for critical sectors, including N1.5 trillion for the Bank of Agriculture, N500 billion for the Bank of Industry, N1 trillion for the Ministry of Solid Minerals, and N1.5 trillion for a Renewable Infrastructure Fund. Other allocations include N300 billion for road construction, N400 billion for rail transport, N380 billion for water resources, irrigation, and dam projects, N250 billion for military barracks renovation, N120 billion for new military aviation projects, and N50 billion for border security agencies.

In response to the suspension of U.S. health aid for HIV, tuberculosis, malaria, and polio treatments, President Bola Ahmed Tinubu approved $200 million (N300 billion) to ensure continued medical supplies and healthcare for affected patients.

A record N23.7 trillion has been allocated for capital projects, marking a significant leap in infrastructure development. Senator Olamilekan outlined the budget?s focus areas, including roads and railways, education and healthcare improvements, and other critical public infrastructure.

To ensure timely budget implementation, the legislative process for the 2026 budget will commence in July 2025. The Medium-Term Expenditure Framework (MTEF) will be submitted early, and the Appropriation Bill is expected by October 2025.

Concerns over inadequate rail infrastructure funding for the South East were raised, but lawmakers clarified that such projects are largely financed through public-private partnerships (PPPs). The 2025 budget prioritises light rail development in Lagos, Ogun, Kaduna, and Kano, with further discussions ongoing for South East projects.

Adeola Olamilekan, chairman of the Senate Committee on Appropriations. also noted that key revenue parameters for the budget remain unchanged. The FIRS has increased its revenue target to N25.1 trillion, the Nigeria Customs Service is boosting collection through stricter enforcement, and independent revenue agencies are contributing 100 per cent of their generated funds to the Federal Government.

Meanwhile, the Speaker of the House of Representatives, Dr Tajudeen Abbas, has expressed concern over Nigeria?s underperformance in revenue generation, attributing it to outdated tax systems.

Speaking yesterday in Abuja during a courtesy visit by the leadership of the Chartered Institute of Taxation of Nigeria (CITN), Abbas noted that Nigeria ranks among the lowest in Africa in revenue collection. He attributed this to the failure of successive administrations to reform the tax system to support the country?s developmental needs.

The CITN delegation, led by its president, Mr. Samuel Olushola Agbeluyi, included members of the council, a past president, and other officials. The visit coincided with the House?s deliberation on tax reforms, as four Tax Reform Bills forwarded by President Bola Ahmed Tinubu were passed for second reading in a historic session earlier this week.

Abbas highlighted the urgency of reforming Nigeria?s tax systems, stressing that significant progress could not be achieved without increasing revenue through taxation. ?This country can never move forward if our tax systems remain the way they are. We need to reform them so that the government can generate more revenue,? he said.

The Speaker assured the CITN delegation that stakeholders, including the institute, would be engaged during the public hearing on the tax legislation scheduled for later this month. He emphasised the alignment of the CITN?s mandate with the House?s 10th Legislative Agenda and pledged collaboration to advance Nigeria?s development.

CITN president Agbeluyi, in his remarks, highlighted the institute?s contributions to various reforms, including the introduction of the Finance Act signed by former President Muhammadu Buhari. He also pointed to the Federal Inland Revenue Service (FIRS) as a critical revenue generator, particularly when the Nigerian National Petroleum Company Limited (NNPCL) failed to remit revenue.

?Should we have the right attitude to taxation, Nigeria can be great,? Agbeluyi said, as he underscored the need for a stronger partnership with the House of Representatives.

The delegation included notable figures such as Prof Salihu Mukailu, Prof Mohammed Okara Mainoma, Dr J. K. Naiyeju, and several other council members and executives, all of whom pledged support for legislative efforts to transform Nigeria?s tax landscape. (The Guardian)

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