By Sunday Ani
National leader and presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, Prince Adewole Adebayo, has criticized the 2025 budget, describing it as incapable of addressing Nigeria’s economic challenges.
Adebayo, who noted that the budget was poorly articulated and written, pointed out several gaps in the budget, specifically the unrealistic revenue projections and the lack of transparency in the allocation of funds across key government agencies.
He noted that the government’s inability to effectively manage its revenue generation system was a key issue, particularly pointing to discrepancies in the remittances from government-owned enterprises (GOEs) and other critical sectors.
He specifically highlighted the case of the Nigerian National Petroleum Corporation Limited (NNPCL), Customs, and the Federal Inland Revenue Service (FIRS), which are expected to generate a significant portion of the country’s revenue.
He noted that despite their potential, these agencies face numerous challenges, ranging from corruption to inefficiency and inadequate management practices.
According to Adebayo, many of the revenue-generating bodies fail to remit the full amounts due to the government, resulting in major financial leakages that hinder economic progress.
He further expressed his concerns about the government’s approach to managing Nigeria’s solid minerals sector, stressing that despite efforts to regulate the industry, illegal mining has continued to thrive in states like Zamfara, Osun, and Ebonyi.
These activities, according to Adebayo, are depriving the government of substantial revenue, which could otherwise contribute to the national economy. He stressed that unless the government addresses these leaks, the nation’s budgetary and economic challenges would persist.
“Look at solid minerals. Dele Alake has been quiet lately. He needs to explain how he has improved revenue from this sector. What he did was to raise tariffs for licensed miners and create regulatory hurdles, but illegal mining is still thriving. The money stolen from illegal mining, from Zamfara and Osun to Ebonyi, is far greater than the entire budget they’re writing now,” he stated.
He also condemned the lack of clarity and transparency in the way the 2025 budget was presented. He argued that several Ministries, Departments, and Agencies (MDAs) had lumped up their budgets, without offering a clear and detailed explanation of how funds would be allocated.
This, he said, undermines public trust and accountability, and further exacerbates the governance issues that the country is facing.
He, however, called on Nigerians to remain hopeful for a better future. He acknowledged the challenges ahead but urged the public to prepare their minds for the best, stating that hope was essential for any progress.
He also encouraged citizens to speak out on issues affecting the country’s governance and budget, as active civic engagement is key to holding the government accountable.
He also harped on the need for stronger fiscal responsibility at the state and local government levels, urging them to adopt more robust budgeting practices to foster a healthier economy across the country.