The presidential candidate of the Peoples Democratic Party in the 2023 election, Atiku Abubakar, has stated that the 2025 budget proposal lacks the structural and fiscal discipline needed to address Nigeria’s multifaceted economic challenges.

The former vice president made this disclosure in a statement on Sunday, reacting to the 2025 budget proposal.

Recall that President Bola Ahmed Tinubu last week presented a N49.7 trillion 2025 budget to the National Assembly. The President had based the budget on key economic assumptions, including a N36.36 trillion revenue target, inflation reduction to 15.75 per cent, an exchange rate of N1,500 per dollar, oil production at 2.06 million barrels per day, a crude oil price of $70 per barrel, and a N13.39 trillion budget deficit.

Reacting to the budget, Atiku stated that it reflects a continuation of business-as-usual fiscal practices where budgets fail to impact the lives of citizens.

According to him, the 2025 budget’s ability to foster sustainable economic growth and tackle Nigeria’s deep-rooted challenges is questionable.

Atiku also criticised the budget’s reliance on N13 trillion in borrowing to fund the deficit.

“Weak Budgetary Foundations: The 2024 budget’s underperformance signals poor budget execution. By Q3 of the fiscal year, less than 35 per cent of the allocated capital expenditure for MDAs had been disbursed, despite claims of 85 per cent budget execution. This underperformance in capital spending, crucial for fostering economic transformation, raises concerns about the execution of the 2025 budget.

“Disproportionate Debt Servicing: Debt servicing, which accounts for N15.8 trillion (33 per cent of the total expenditure), is nearly equal to the planned capital expenditure (N16 trillion, or 34 per cent). Moreover, debt servicing surpasses spending on key priority sectors such as defence (N4.91 trillion), infrastructure (N4.06 trillion), education (N3.52 trillion), and health (N2.4 trillion). This imbalance will likely crowd out essential investments and perpetuate a cycle of increasing borrowing and debt accumulation, undermining fiscal stability.

“Unsustainable Government Expenditure: The government’s recurrent expenditure remains disproportionately high, with over N14 trillion (30 per cent of the budget) allocated to operating an oversized bureaucracy and supporting inefficient public enterprises. The lack of concrete steps to curb wastage and enhance the efficiency of public spending exacerbates fiscal challenges, leaving limited resources for development.

“Insufficient Capital Investment: After accounting for debt servicing and recurrent expenditure, the remaining allocation for capital spending—ranging from 25 per cent to 34 per cent of the total budget—is insufficient to address Nigeria’s infrastructure deficit and stimulate growth. This amounts to an average capital allocation of approximately N80,000 (US$45) per capita, which is insufficient to meet the demands of a nation grappling with slow growth and infrastructural underdevelopment.

“Regressive Taxation and Economic Strain: The administration’s decision to increase the VAT rate from 7.5 per cent to 10 per cent is a retrogressive measure that will exacerbate the cost-of-living crisis and impede economic growth. By imposing additional tax burdens on an already struggling populace while failing to address governance inefficiencies, the government risks stifling domestic consumption and further deepening economic hardship.

“The 2025 budget lacks the structural reforms and fiscal discipline required to address Nigeria’s multifaceted economic challenges. To enhance the budget’s credibility, the administration must prioritise the reduction of inefficiencies in government operations, tackle contract inflation, and focus on long-term fiscal sustainability rather than perpetuating unsustainable borrowing and recurrent spending patterns. A shift toward a more disciplined and growth-oriented fiscal policy is essential for the nation’s economic recovery,” he stated.

Nigerians dominated the list of Africa’s Most Talked About People of 2024 by Top Charts Africa.

Nigerians occupied 18 spots in the top 30 recently released via the chart body’s website.

Nigerian singer, Wizkid, is number one on the list. Wizkid has been on the trend table year-round following his renewed beef with Davido and the release of his new album, ‘Morayo.’

President William Ruto of Kenya took the number 2 spot.

Ruto made global headlines in June when thousands of Kenyans took to the streets in protest of legislation increasing taxes. Following the storming of the Kenyan Parliament, President William Ruto reportedly rejected the Bill on 28 June and signed into law the “Appropriations Bill 2024” to address the budget shortfall caused by the rejection.

Nigerian afrobeats singer, Davido is ranked at number 3. Davido year-long trend climaxed with his much-publicised wedding to his wife, Chioma, in June, tagged ‘Chivido 2024.’

Nigeria’s President, Bola Ahmed Tinubu; President of Dangote Group, Aliko Dangote; former Prime minister of Kenya, Raila Odinga; controversial Nigerian crossdresser, Bobrisky; South African singer Tyla; Nigerian politician, Peter Obi, and South Adrian music star, Liema Pantsi, complete the top 10.

Baltasar Engonga, the controversial Equatoguinean former public official who became an Internet sensation after his intimate videos surfaced online also made the list.

Full list:

1. Wizkid

2. President William Ruto

3. Davido

4. President Bola Ahmed Tinubu

5. Aliko Dangote

6. Raila Odinga

7. Bobrisky

8. Tyla

9. Peter Obi

10. Liema Pantsi

11. Rema

12. Rigathi Gachagua

13. Khosi Twala

14. Former President Uhuru Kenyatta

15. Ademola Lookman

16. Asake

17. Very Dark Man

18. Drill

19. Nyesom Wike

20. President Cyril Ramaphosa

21. Reno Omokri

22. Rose Owusu Konadu

23. Victor Osimhen

24. Baltasar Engonga

25. Sharon Ooja

26. Toyin Abraham

27. Babu Owino Paul

28. Chidimma Vanessa Adetshina

29. Danny Walter

30. Pastor Enoch Adeboye

The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has alleged that former President Muhammadu Buhari is part of a plot to unseat President Bola Ahmed Tinubu ahead of 2027.

Primate Ayodele revealed that Buhari is being influenced by some Northern cabals who are determined to undermine Tinubu’s government.

He disclosed this during the release of his 95-page 2025 prophecies on Friday, December 20, 2024.

According to Primate Ayodele: “Former President Muhammadu Buhari is part of the plot to unseat President Tinubu in 2027. Although he is being dragged into it by Northern cabals, he will play a role. If Tinubu isn’t on alert, he will be shocked by those who would stand against him in 2027.”

Additionally, Primate Ayodele stated that opposition parties in Nigeria are not serious and have not demonstrated readiness to take the presidential seat in the country.

“Opposition parties are not yet ready to win elections in Nigeria. They are a bunch of unserious people who only want to make personal gains. If they are serious about winning in 2027, they need to form one strong coalition; otherwise, it will remain just a dream.”

Speaking further, Primate Ayodele noted that the former governor of Osun, Rauf Aregbesola, will make a major move in the state’s politics and that his movement could evolve into a political party.

“I still maintain that Rauf Aregbesola is a significant factor in Osun State politics. His movement will transform into a kind of political party. If the APC wants to win the state, they should work with Aregbesola; otherwise, they will fail,” he added.