The Nigerian government has increased the 2025 budget to ₦54.99 trillion. Public opinion on this decision is divided.
BusinessDay’s January 2025 TalkExchange poll shows that 50% of respondents believe the move is risky due to the likelihood of increased borrowing and a potential debt crisis. Meanwhile, 30.8% say it depends on how the funds are spent, and 15.4% see it as a commitment to national development. Only 3.8% are unsure.
A key concern is the reliance on borrowing. When asked about the sustainability of this approach, 42.3% believe it could work if funds are used wisely to boost the economy. However, 30.8% think it will increase debt and financial strain. Another 23.1% say it might be sustainable if revenue generation improves, while 3.8% remain unsure.
Regarding healthcare funding, ₦200 million has been allocated to offset U.S. health aid shortfalls. Public response indicates that 46.2% believe the amount is insufficient for the health sector’s needs. Meanwhile, 42.3% say the effectiveness depends on fund management. Only 7.7% consider it an important contribution, with 3.8% unsure.
Confidence in the budget’s ability to tackle economic challenges is low. Only 7.7% are very confident, while 15.4% are somewhat confident. A significant 46.2% are not very confident, and 30.8% are not confident at all.
When asked which sector should receive the biggest funding increase, 46.2% prioritise infrastructure, including roads and electricity. Education follows with 26.9%, while healthcare stands at 23.1%. Security is the least prioritised, with only 3.8% support.
The expected impact of the budget on Nigeria’s economy raises concerns. While 19.2% anticipate economic growth and development, and 11.5% expect improved public services and infrastructure, a larger 57.7% believe it will lead to rising national debt and financial instability. Another 11.5% fear increased inflation and higher living costs.
Revenue generation beyond borrowing remains a major issue. While 23.1% acknowledge visible government efforts in taxation and reforms, 38.5% believe more must be done to boost local industries. Another 38.5% say progress is partial but yet to yield significant results. None are unsure.
Respondents shared suggestions on how the government can ensure the budget effectively addresses economic challenges. Many call for increased transparency, accountability, and prudent spending. Reducing unnecessary government expenditures and cutting political office costs are widely recommended.
One respondent stated, “To ensure the increased budget effectively tackles Nigeria’s economic challenges, the government must enhance transparency and accountability to prevent fund mismanagement while prioritising key sectors like infrastructure, power, agriculture, and manufacturing to drive growth.” Another respondent highlighted the need to “address bureaucratic inefficiency and waste; reduce the number of agencies and government bodies; seriously tackle corruption; cut down on government excesses.”
Some stress the need to diversify revenue sources beyond oil, exploring sectors like solid minerals, fintech, and tourism. “Expanding revenue sources beyond oil through improved tax collection, solid minerals, fintech, and tourism will create sustainable funding,” a respondent noted.
Many highlight the importance of inflation control, exchange rate stability, and better debt management. One response read, “Inflation and exchange rate are being effectively controlled. I see better days ahead in Nigeria.”
Another respondent pointed out, “The government should cut down their luxury spending and looting of Nigeria’s treasury. They should sacrifice also.”
Take a look at previous poll results.
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