President Bola Tinubu has signed what his administration proudly calls the “2025 Budget of Restoration” – a hefty N54.99 trillion package that promises to restore our economy and deliver the dividends of governance to all Nigerians. Sounds impressive, doesn’t it?
The President, flanked by the usual cast of political characters – Senate President Godswill Akpabio, Speaker Tajudeen Abbass, and Senator Solomon Adeola – proudly declared that “after the initial turbulent take-off, our people can see signs of progress and the promise of a better future.”
Ask the average Nigerian about these “signs of progress” and you’ll likely get a puzzled look. For most citizens, the economic reforms have meant nothing but hardship – skyrocketing food prices, unaffordable transportation costs, and astronomical school fees.
The much-touted GDP growth of 3.86% in the last quarter of 2024 remains an abstract figure that doesn’t translate to food on their tables.
Let’s scrutinise the President’s claims a bit further. He boasts about revenue increasing to N21.6 trillion from N12.37 trillion. That’s certainly a significant jump, but it begs the question – where is this money going? With the removal of fuel subsidies and the introduction of various new taxes, the government is indeed collecting more money from the citizens’ pockets. But are Nigerians seeing commensurate improvements in their living conditions?
The President also highlighted the minimum wage increase to N70,000. In normal times, this would be commendable. But in today’s Nigeria, with inflation eating away at purchasing power faster than you can say “economic reforms,” N70,000 barely scratches the surface of what families need to survive, let alone thrive.
Then there’s the infrastructure development that the President seems particularly proud of – the 750km Lagos-Calabar Coastal Highway and the 1,068km Sokoto-Badagry Superhighway. Ambitious projects, no doubt.
Credit must be given for the President’s candour when he said, “We cannot spend what we do not have.” At least there’s an acknowledgment of fiscal reality. But then he continues: “We will not burden future generations with reckless borrowing.” This statement comes from an administration that, despite all its talk about reducing deficits, is still running a 4.17% deficit in this budget. That’s better than 6.2% in 2023, true, but it’s still borrowing nonetheless.
The President promises that “every government agency would be held accountable for prudent spending and value-for-money initiatives.” Noble words, but we’ve heard similar rhetoric from every administration since 1999. Yet, government waste continues unabated, and corruption remains endemic within the system.
Senate President Akpabio’s comment that President Tinubu inherited a “foaming economy” that needed urgent economic measures is politically convenient but ultimately a tired excuse. Every new administration inherits challenges from its predecessor. What matters is how these challenges are addressed.
The reality on the ground is far removed from the rosy picture painted at this budget signing ceremony. Millions of Nigerians are struggling to make ends meet. Small businesses are collapsing under the weight of high operating costs and reduced consumer spending power.
The healthcare sector remains woefully inadequate, and our educational institutions continue to churn out graduates into an employment market that offers little hope.
What Nigerians need isn’t more grandiloquent budget titles or impressive-sounding figures. They need practical, felt improvements in their daily lives – affordable food prices, stable electricity, functional healthcare facilities, and quality education for their children. They need security in their communities and the assurance that their hard work will result in a better quality of life.
To be fair, economic reforms often require short-term pain for long-term gain. But the government must do more to cushion the effects of these reforms on the most vulnerable segments of society. The increased allocation for social welfare mentioned in the budget is a step in the right direction, but the devil, as always, is in the implementation.
The President said, “A budget is not just numbers—it is a promise, and we must honour it with discipline.” He’s absolutely right. The true test of this budget will not be in the eloquence of the speeches delivered at its signing but in the tangible improvements it brings to the lives of ordinary Nigerians.
As we navigate through 2025 with this new budget, Nigerians will be watching closely. They’ll be less interested in GDP growth statistics or deficit reduction percentages and more concerned with whether they can afford three square meals a day, whether hospitals have essential medications, whether schools have adequate teaching staff, and whether the roads in their communities are motorable.
The “2025 Budget of Restoration” may indeed restore Nigeria’s economic health in the long run. But for now, for many Nigerians, it’s just another government document filled with promises they’ve heard countless times before. The true restoration Nigerians seek is the restoration of hope – hope that their country can work for them, not just for the political elite.
