Atiku Abubakar Criticizes Nigeria's N49 Trillion 2025 Budget

 Atiku Abubakar Criticizes Nigeria's N49 Trillion 2025 Budget, Calling It a Flawed Economic Blueprint

Former Vice President Atiku Abubakar has sharply criticized the N49 trillion 2025 budget estimates presented by President Bola Tinubu to the National Assembly, labeling it a flawed fiscal plan incapable of driving sustainable economic growth or addressing Nigeria’s persistent developmental challenges. His critique, delivered on Sunday, painted the budget as a continuation of outdated fiscal practices.




A Budget Rooted in Old Fiscal Practices

Atiku described the budget as a reflection of "business-as-usual fiscal practices." He argued that the plan lacked innovative strategies necessary to tackle Nigeria’s worsening economic crises. According to him, this budgetary approach will not spur growth or resolve the structural deficiencies that hinder the nation's progress.

A Look at the N49 Trillion Budget

The proposed 2025 budget projects total expenditures of N49 trillion, accompanied by a revenue forecast of N35 trillion. This leaves a deficit of over N13 trillion, representing approximately 4% of the nation's Gross Domestic Product (GDP). Such a large deficit raises concerns about the government's ability to finance its spending without exacerbating Nigeria’s debt burden.

Key Issues Raised by Atiku Abubakar

1. Unsustainable Deficit Levels

Atiku highlighted the alarming budget deficit, emphasizing that borrowing to finance such a shortfall will only increase the nation’s debt stock. Nigeria’s debt profile has been a recurring concern, with growing repayments eating into funds meant for infrastructure, education, healthcare, and other critical sectors.

2. Lack of Growth-Oriented Policies

The former vice president criticized the absence of transformative policies in the budget. He noted that the proposed fiscal framework does little to stimulate industries, attract foreign investment, or create jobs for the millions of unemployed Nigerians. He argued that without these growth-oriented measures, the budget would fail to provide long-term economic benefits.

3. Over-Reliance on Revenue Forecasts

Atiku also questioned the feasibility of the N35 trillion revenue target. He pointed out that overly optimistic revenue projections often lead to funding shortfalls, resulting in delayed or abandoned projects. He urged the government to adopt more realistic and achievable revenue goals.

The Need for a New Economic Approach

Atiku’s critique reflects a broader call for Nigeria to embrace a new economic paradigm. He suggested that addressing the country’s deep-rooted challenges requires bold reforms and strategic investments in key sectors such as:

  • Agriculture: Developing agro-industrial hubs to reduce reliance on imports and boost food security.
  • Energy: Modernizing the energy sector to ensure stable power supply and attract foreign investment.
  • Infrastructure: Expanding transportation networks to facilitate trade and enhance economic activities.
  • Education and Healthcare: Investing in human capital development to drive innovation and productivity.

What Lies Ahead for Nigeria’s Economy?

The N49 trillion budget comes at a time when Nigeria faces mounting economic challenges, including high inflation, a depreciating currency, and increasing unemployment. Analysts have warned that without a comprehensive reform strategy, these issues will continue to undermine the country’s potential for sustainable growth.

The Debate Over Fiscal Responsibility

The deficit-to-GDP ratio of 4% exceeds the 3% threshold recommended by the Fiscal Responsibility Act, sparking concerns about the government’s adherence to fiscal discipline. Critics argue that continued borrowing at this scale could push Nigeria into deeper financial instability.

A Call for Accountability and Innovation

Atiku Abubakar’s critique of the 2025 budget highlights the urgent need for a shift in Nigeria’s economic strategy. The government must prioritize policies that promote fiscal responsibility, stimulate growth, and address the structural challenges impeding development.

For Nigeria to achieve sustainable progress, its fiscal blueprint must go beyond mere expenditure and revenue forecasts. It must serve as a roadmap for transformative change, fostering innovation, creating opportunities, and ensuring equitable development across all sectors of the economy.

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