Tinubu’s audacious 2025 appropriation bill, by Kola Amzat
It’s an ambitious figure of N49.7 trillion and could only emanates from a visionary and transformational mind. In the country annals, the budget remains the highest.
Indeed, the budget completely overwhelmed that of immediate past year figure of N28.78 trillion by whopping N19.12 trillion (65per cent), considered then, unworkable and most unrealistic by the feeble minds.
Meanwhile, the daring 2025 Appropriation Bill is predicated on $75/barrel, oil production of 2.06 million barrel/day, exchange rate of N1400/$ and also projected a GDP growth of 4.6per cent during the 2025 fiscal year.
Revenue generation of N34.82 Trillion with about N20 trillion and N6 trillion from oil & gas and taxes respectively projected, also with about N8 trillion projected from other sources, with fiscal deficit of N13.08 Trillion representing (27per cent) of the whole budget.
Capital expenditure of N16.4 Trillion (33per cent) and N14.2 Trillion for non-debt recurrent expenditure are expected to manifest, with N15.38 Trillion for debt service both domestic and foreign and N2 trillion for other expenditures earmarked.
Huge budgets allocations earmarked for the key under-listed ministries not only under-scored the quantum of activities expected of them during the coming year fiscal year, but also indicates their pivotal role in the renewed hope agenda of Tinubu administration.
The proposed budget showed that the finance ministry got the highest allocation of N17.52 Trillion, with larger chunk earmarked for salary obligations.
Defense and security is expected to gulp N4.91 Trillion, with tremendous focus on strengthen national security, as well as combat widespread insecurity and criminality across the country.
Greater attention is therefore accorded to huge investments on military equipment, barracks accommodation and personnel welfare.
The government also plan prioritizing overhauling internal security strategies to safeguard lives, properties, and investments nationwide with the focus on improved security conditions which is expected to stimulate economic activity and social life, enhance farm productivity, as well as boost access to education, especially for the vulnerable.
N4.06 Trillion and N1.14 Trillion are projected for Infrastructural developments and Power respectively across the country.
Government focus in this respect are efficient and functional transportation system across the country, significant improvement in energy supply, as well as rehabilitation of national grids, public works in all the nooks and crannies, including the gigantic and the bold on-going Lagos-Calabar Highway project .
Education got allocation of N3.52 Trillion meant to drive a remarkable turn-around in educational infrastructures, as well as broadening access to student loans to accommodate several thousands in tertiary institutions.
Health sector is projected to gulp N2.48 rillion during 2025 fiscal year, a colossal sum meant to revitalize healthcare facilities, as well as advance universal health coverage.
Other significant milestones expected of the Budget in the coming year includes:
Significant reduction in inflation from the present position to a respectable position of about 15per cent during the coming fiscal year, as well as stabilizing the exchange rate at N1,500/1$.
Comprehensive debt restructuring strategy aimed at freeing up funds for critical infrastructure development.
Plans to secure long-term non-commercial facilities with tenors ranging between 10 and 50 years and a moratorium of five to seven years.
Plans to intensify efforts to improve fiscal management by strengthening the budget process and scrutinizing spending by ministries, departments, and agencies (MDAs) during the coming fiscal year.
Prioritizing ongoing projects over new ones; streamlining administrative costs and merging overlapping agency functions; enhancing treasury controls to curb financial mismanagement and corruption and reviewing fiscal incentives to increase transparency in revenue collection.
The government has also outlined ambitious economic projections and revenue strategies for 2025-2027 in the MTEF/FSP.
Plans to step up efforts to expand non-oil revenue streams to address fiscal gaps.
Nigerians in all walks of life must commend the president for this very ambitious, bold and daring 2025 appropriation bill of N47.9 Trillion, the highest in nation history, essentially meant to strengthen the on-going re-engineering, repositioning and restructuring of all sectors with the ultimate aims and objectives of heralding prosperity.
In 21st Century, this prodigiously endowed nation should be talking of annual appropriation bill of ₦45-50 Trillion mark, even with insignificant deficit financing.
Yes! This is a nation of vast solid minerals deposits with more than 40 spread all across the country, with awesome commercial viability!
This is a nation not only divinely endowed with one of the best oil & gas deposits across the globe, the yet-to-be-explored portion run to several billions all over our land!
This is a nation of tremendous un-explored agricultural deposits in all the nooks & crannies!
Of course, this is a nation of vast human resources, with brilliant, very inventive and adventurous minds! For the avoidance of doubt, Nigerians are one of the most intelligent and most informed creatures on the earth surface!
We also have amazing, awesome and more importantly, very predictable weather. So, why shouldn’t we think very big?
Why shouldn’t we be thinking of trillion economy?
We have an incumbent president with adventurous mind and can-do spirit, who indeed have penchant for thinking very big. Why shouldn’t we collaborate with him, with the ultimate objective of turning the tide even in a very short time?
I encourage us all that, it’s a mission that is possible.
Kola Amzat (FCA, FCIB)
Lagos based Financial & Management Consultants,
09077509348.
