By Tony Obiechina Abuja
The Director General of Budget Office of the Federation, Tanimu Yakubu says the Federal government is winding down the 2024 budget implementation and to commence 2025 by September ending.
Dubbed the “Budget of Restoration,” he said the 2025 budget aims to address key sectors, stimulate economic growth, and enhance public services, with a total budget of ₦54.99 trillion. “Effective implementation and prudent fiscal management will be crucial to achieving the budget’s objectives.”
He emphasizes Citizen ownership, highlighting that citizens are the ultimate owners of public resources.
He Stressed the importance of citizen engagement in budgeting and governance.
The DG emphasized that effective governance requires active participation from both government and citizens, nothing that the budget affects citizens’ daily lives through provision of infrastructure and services.
He advocated for increased citizen involvement in budgeting and governance, emphasizing that it is essential for effective and responsive governance.
He highlighted challenges like limited awareness, technical complexity, and political resistance, but also suggesting solutions such as:
Citizen-friendly budgets: Publishing budgets in accessible formats;
centralizing information; and encouraging citizens to demand accountability and ask questions about budget allocations.
He further advocated for inclusive and participatory budgeting process.
Responding to questions, he highlighted the complexities in Nigeria’s fiscal management, particularly regarding:
Budget extensions and fiscal year adjustments; clarifying the distinction between “funds” (assets) and “cash” in financial management, with examples related to tax credits and infrastructure projects.
He Highlighted the impact of the PIA on the fiscal space, including the allocation of revenue to NNPC and funding for exploration activities.
He mentioned ongoing efforts to amend the PIA to address current challenges.
He emphasized the importance of strategic planning, investment, and fiscal management to achieve Nigeria’s development aspirations. Is there a specific aspect you’d like to explore further or a particular challenge you’d like to address?
He also discussed the importance of prioritization in budgeting, particularly in Nigeria’s context. Key points include : Debt Service: Prioritizing debt service is crucial to avoid default and maintain economic stability. Debt service accounts for a significant portion of Nigeria’s budget, with ₦14.3 trillion allocated for debt service in the 2025 budget.
Critical Spending: Identifying essential expenditures that must be delivered within the year, such as infrastructure development and social sector funding.
Long-term Planning: Spreading certain expenditures over two years can help achieve goals without overburdening the current budget.
National Development Plan: Aligning budgeting with the National Development Plan (2026-2030) to drive economic growth and development.
Community Input: Encouraging community participation in budgeting to ensure that federal spending addresses local needs.
He also referenced the President’s goal to make Nigeria a one trillion dollar economy by 2030, which requires higher growth rates than currently witnessed.
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To achieve this, he said innovative ideas and strategies are being explored, such as: Renewed Ward-Based Development Program: Focusing on economic opportunities in all 8,809 wards to drive growth and development.
Budget Reforms: Streamlining tax collection, adjusting revenue-sharing models, and implementing fiscal discipline to ensure sustainable revenue flow.
The 2025 budget, dubbed the “Budget of Restoration,” aims to address key sectors, stimulate economic growth, and enhance public services, with a total budget of ₦54.99 trillion. Effective implementation and prudent fiscal management will be crucial to achieving the budget’s objectives.
On budget implementation, he discussed. budget implementation, innovation, and economic growth in Nigeria and highlighted the importance of civil society involvement in budgeting processes and the potential benefits of innovation in driving economic growth and addressing grassroots challenges.
