Recall that the federal government had recently requested an increase in the 2025 budget, raising it from ₦49.7 trillion to ₦54.2 trillion.
Peter Obi, the former Labour Party presidential candidate in the 2023 election has reacted to President Bola Tinubu's plan to raise the 2025 budget from N49.7 trillion to N54.2 trillion.
Obi spoke on the need for greater transparency and accountability in Nigeria’s budgeting process.
Tinubu made known his decision to increase the budget in a letter to the National Assembly.
Reacting to this development in a post on X on Friday morning, Obi stressed that Nigerians have the right to know how public funds—sourced from their contributions—are allocated and spent. He underscored the importance of ensuring that these resources are effectively used for the country’s development and the well-being of its citizens.
Obi further noted that Nigerians are still awaiting a detailed breakdown of the execution and expenditure of the Renewed Hope budget, passed in December 2023, to verify that it has been properly utilized for the nation’s progress.
He wrote: “Yesterday, I read about the increase in the Budget of Restoration to ₦54 trillion due to increased revenue.
“While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability sake Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people.
“Such expenditures should be directed toward critical areas of development; education, healthcare, security, and poverty alleviation.
“Furthermore, Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget passed in December 2023 to ensure that it has been properly utilized for the country’s future development and the well-being of its citizens.
“I call on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget. Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.
“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation.”