In an ambitious move to alleviate poverty and enhance living standards, the Federal Government and 35 states in Nigeria have unveiled a proposed budget of N74.249 trillion for 2025. This significant sum reflects a commitment to tackling economic challenges and driving development. However, Rivers State, grappling with political instability, and the Federal Capital Territory (FCT), Abuja, are yet to announce their budgets. Key Allocations: Capital vs. Recurrent Expenditure The proposed budget allocates N35.68 trillion (48.05%) to capital projects aimed at infrastructure and development, while N38.57 trillion (51.95%) is designated for recurrent expenditures, including salaries and overheads. Despite this, legislative approval and potential supplementary appropriations could see these figures rise by the end of 2025. Notably, most states prioritized capital expenditure, with the exception of Ekiti, Osun, and the Federal Government. Federal Budget Breakdown: Top and Least Spenders Heavy spenders include Lagos (N3.005 trillion), Niger (N1.5 trillion), Ogun (N1.05 trillion), Delta (N979.2 billion), Enugu (N971.8 billion), and Akwa Ibom (N955 billion). In contrast, the least spenders are Gombe (N320.11 billion), Yobe (N320.81 billion), Ekiti (N375.79 billion), Nasarawa (N382.57 billion), and Ebonyi (N396.59 billion). Regional Comparisons By region, the South-West leads with a combined budget of N6.20 trillion, while the North-East lags behind at N2.61 trillion. Lagos, the nation’s economic hub, stands out with a proposed budget of N3.005 trillion, surpassing the combined budget of six North-Eastern states (Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe) at N2.61 trillion. Interestingly, Lagos’ budget is just N476 billion shy of the combined budgets of five South-Eastern states (Abia, Anambra, Ebonyi, Enugu, and Imo) at N3.48 trillion. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
President Tinubu Defends Borrowing as a Strategy to Address Nigeria’s Deficits President Bola Ahmed Tinubu has shed light on the reasons behind his administration’s borrowing practices, emphasizing that taking loans is not inherently a criminal act. Speaking during a presidential media chat on Monday, Tinubu addressed concerns surrounding the projected deficit of ₦13.39 trillion in the proposed 2025 national budget, which the government plans to fund through borrowing. Tinubu explained, “Borrowing is not criminal. What we are dealing with is a mismatch between our immediate needs and the resources available. Nigeria is grappling with a significant infrastructural deficit that must be addressed.” He further elaborated that past missteps have contributed to the current economic challenges, but his focus remains on fostering prosperity. “Yes, mistakes were made in the past, but dwelling on them won’t help. Instead, we must take decisive action to invest in our nation’s future,” Tinubu added. The President outlined that the loans would focus on capital projects critical to Nigeria’s development. He highlighted poor road infrastructure, subpar internet connectivity, insufficient electricity supply, and inefficiencies in power generation as areas requiring urgent attention. “To achieve progress, we must embrace these challenges head-on,” he said. The 2025 national budget, totaling ₦47.96 trillion, was presented last Wednesday to a joint session of the National Assembly. It prioritizes defence, infrastructure development, and human capital investments, with a significant portion funded through loans. However, the administration’s borrowing plans have drawn criticism from various quarters. Former Vice President Atiku Abubakar recently criticized the growing debt burden, accusing the National Assembly of enabling excessive borrowing. Atiku expressed concerns about the proposed Eurobond loans and described the debts as placing unbearable pressure on Nigerians and the economy. While public reactions remain divided, Tinubu maintains that borrowing, when strategically applied, is a necessary tool for long-term national growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
