The Peoples Redemption Party (PRP) has criticized the 2025 budget presented by President Bola Tinubu late last year.
The National Chairman of the PRP, Falalu Bello, in a statement on Monday, said the budget falls short of the expected realities and promises it should hold for Nigerians.
He noted that the appropriation bill reflects a continuing “pattern that guarantees further exacerbation of Nigeria’s economic challenges.”
Bello stressed that the budget fell short of its promises as evidenced by the stark realities faced by Nigerians, including escalating unemployment rates, surging inflation which has reached an alarming 34.6%, and the contracting Gross Domestic Product (GDP).
The statement read: “The Peoples Redemption Party (PRP) wishes to begin the statement with a review of the 2024 Federal Budget, branded the ‘Budget of Renewed Hope.
“Unfortunately, this budget fell short of its promises, as evidenced by the stark realities faced by Nigerians: unemployment rates surged, inflation reached an alarming 34.6%, and Nigeria’s GDP contracted.
“As a result, our status as the second-largest economy in Africa has been compromised, with multinational companies retreating and millions of small businesses shutting down.
“The government’s inability to meet critical objectives has led to increased suffering among the populace, underscoring a concerning trend of fiscal irresponsibility.
“In light of this context, we express our deep concern regarding the recently presented 2025 Appropriation Bill by President Bola Ahmed Tinubu (President BAT).
“With a projected expenditure of N49.7 trillion and a staggering N15.81 trillion earmarked for debt servicing, the 2025 Budget reflects a continuing pattern that guarantees further exacerbation of Nigeria’s economic challenges.
“The budget deficit of N13.08 trillion, paired with insufficient revenue generation, poses significant risks to our nation’s financial stability.
“Notably, the 2025 budget allocates a staggering 35% of expenditures to debt servicing, which substantially limits funding for essential sectors such as education, healthcare, and solid mineral development.
“For example, the combined allocation for education and healthcare is a mere N94 billion, while federal legislators are set to receive N125 billion. Such misplaced priorities illustrate a concerning lack of commitment to enhancing the lives of ordinary Nigerians.
“Furthermore, the PRP is alarmed by the presence of opaque budget items that recur year after year without adequate accountability and the absence of clear reporting on the completion status of ongoing projects.
“This lack of transparency raises significant concerns about potential corruption. The proposed funds for electricity supply appear to lack a genuine intent to address the persistent issues in this critical area.
“In light of these alarming developments, we call upon the National Assembly to exercise diligence and thoroughly scrutinize the 2025 appropriation.
“It is imperative that unnecessary and wasteful expenditures are eliminated and that the budget is free from padding or misallocation. Inflated project costs and fiscal irresponsibility will not be tolerated; Nigerians deserve better governance.
“The Assembly has until March 2025 to fulfill its mandate and safeguard the interests of the Nigerian people. We also urge all Nigerians to engage actively and hold the government accountable.
“The pathways to economic recovery and sustainable growth must be paved with transparency and genuine commitment to the welfare of the citizens. We ask you to support the PRP, a party steadfast in its dedication to the Nigerian populace and committed to transformative change in future elections.”