Mr. Peter Obi, the presidential candidate of the Labour Party in the last election, has called on President Bola Tinubu to give a run down of expenditures to justify the abrupt increase of 2025 budget.
Obi in a statement on Friday, said only the details of the sources of the revenue were provided.
He wondered why there was no corresponding breakdown of expenditures to justify the budget increase.
The former Governor of Anambra State noted that for transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are properly spent on the country’s development and the well-being of the people.
The statement reads, “Yesterday, I read about the increase in the Budget of Restoration to N54 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.”
Speaking further, Obi argued that 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 adequately utilized for the country’s future development and the well-being of its citizens.
He said, “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.”
News Band reported that President Bola Tinubu increased the proposed budget size for 2025 from N49.7 trllion, which he presented to the joint session of the National Assembly in December to N54.2 trillion .
He announced an increase in the proposed budget size through separate letters forwarded to both the Senate and the House of Representatives
Mr. Tinubu explained in his letter that the revised figure reflects an additional N1.4 trillion in revenue generated by the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other Government-Owned Agencies.
He explained that the increase from N49.7tn to N54.2tn will avail more revenue to strengthen the Banks of Agriculture and Industry.
It said the increase would also support its diversification programme by investing more in the solid minerals sector and infrastructure projects.
This was disclosed to newsmen by the Minister of Budget and Economic Planning, Atiku Bagudu.
While explaining the reason for the adjustment, Minister of Budget and Economic Planning, Atiku Bagudu said it was established that the government-owned enterprises, including the Nigeria Customs Service, can contribute more revenue.
He said, “You will recall, Mr President submitted the N49tn budget to the National Assembly, and legislative work commenced.
“The legislative work continued with interactions between the executive and the national assembly. The National Assembly and the Economic Management Team continued to interrogate all figures.
“In that process, the Senate Committee on Appropriation, Senate Committee on National Planning, and Senate Committee on Finance established that we can generate more revenue by tasking all the institutions to do more, and the Federal Inland Revenue Service confirmed the ability to do more than was submitted.
“Equally, it was established that the government-owned enterprises, as well as the Customs Service, could contribute more revenue.
“So, additional revenue amounting to over 4.5 trillion naira was established, and this was taken to the President.
“And guided that this additional revenue should be used further to strengthen the Bank of Agriculture, Bank of Industry, support the diversification program by putting more money in the solid minerals sector and infrastructure projects.”
While speaking on the adjustment of the Medium-Term Expenditure Framework, Bagudu said, “Recall that even when the budget was submitted, MTEF was amended.
“The MTEF that was initially approved was for a budget of less than N49tn, so it goes together and so the consequential amendment to the MTEF will certainly follow.”