The Civic-tech group, BudgIT, has expressed grave concerns regarding anomalies in the Federal Government’s proposed budget for 2025.
The group has urged lawmakers to match the budget with the country’s economic and social interests and has urged the National Assembly to evaluate the legislation with caution and inclusivity.
BudgIT underlined that the budget should prioritise promoting inclusive economic growth, poverty reduction, and job creation.
“The National Assembly must adopt a patriotic and responsible approach to ensure fiscal policies meet the real needs of Nigerians,” the group said.
The budget’s dependence on irrational macroeconomic assumptions, according to BudgIT’s study, may jeopardise fiscal stability.
It pointed to the government`s inflation projection of 15% for 2025 as overly optimistic, noting that inflation stood at 34.6% as of November 2024.
The organization attributed the high inflation rate to persistent issues such as rising food and energy costs.
While the oil price benchmark of $75 per barrel aligns with global projections, BudgIT cautioned against increasing this figure to accommodate additional budgetary insertions.
“This has been a recurring trend, creating unnecessary fiscal risks,” the organization warned.
The National Assembly’s history of introducing unnecessary fiscal insertions that diverge from federal priorities was also denounced by the group.
BudgIT said that 7,447 such insertions of N2.24trn were included in the 2024 budget.
It contended that the effectiveness of government expenditure is undermined by these allocations, which frequently lack appropriate design and viability.
Concerns about transparency have also been raised over the lack of budget information for key organisations such as TETFUND (N940.5bn) and the National Judicial Council (N341.63bn).
BudgIT emphasised that more than 60 government-owned businesses, such as NIMASA and the Nigerian Ports Authority, lacked funds.
Furthermore, the organisation identified N2.49trn in human spending for five regional development commissions, adding that this obscures operating expenses.
It compared this to the Ministry of Interior’s N648.84bn budget for personnel and administrative costs, while controlling important agencies such as the Nigeria Immigration Service and the Federal Fire Service.
BudgIT voiced worry about the omission of funds for the Lagos-Calabar Coastal Road, an important infrastructure project.
“Future funding for this project might require diverting resources from other critical initiatives, potentially undermining the budget’s credibility,” according to the group.
The organisation also criticised President Bola Tinubu’s recent statements on retirement perks for military generals, which include bulletproof SUVs and international medical vacations.
BudgIT called on parliamentarians to put the interests of the country first as the National Assembly starts its assessment.
“The final budget must foster economic stability, reduce poverty and inequality, and address the needs of Nigeria’s most vulnerable citizens,” the group said.
BudgIT cautioned that such measures could demoralise lower-ranking workers with inadequate welfare benefits, characterising these requirements as incompatible with the President’s prior promise to lowering governance expenses.