Presidential Candidate of the Social Democratic Party (SDP) in the last election, Prince Adewole Adebayo, has criticized the 2025 budget, describing it as insufficient to address Nigeria’s economic challenges.
Adebayo pointed out in a chat with journalists in Abuja that his position was premised on several gaps in the budget, specifically the unrealistic revenue projections and the lack of transparency in the allocation of funds across key government agencies.
He noted that government’s inability to effectively manage its revenue generation system is a key issue, particularly pointing to discrepancies in the remittances from government-owned enterprises (GOEs) and other critical sectors.
Adebayo specifically highlighted the case of the Nigerian National Petroleum Corporation (NNPC), Customs, and the Federal Inland Revenue Service (FIRS), which are expected to generate a significant portion of the country’s revenue.
He noted that despite their potential, these agencies face numerous challenges, including corruption, inefficiency, and inadequate management practices.
According to him, many of these revenue-generating bodies fail to remit the full amounts due to the government, resulting in major financial leakages that hinder economic progress.
He also expressed concern about government’s approach to managing Nigeria’s solid minerals sector, saying “illegal mining continues to thrive in states like Zamfara, Osun, and Ebonyi. These activities are depriving the government of substantial revenue, which could otherwise contribute to the national economy.”
He stressed that unless the government addresses these leaks, the nation’s budgetary and economic challenges will persist, “Look at solid minerals, the Minister Dele Alake has been quiet lately—he needs to explain how he’s improved revenue from this sector. What he did was raise tariffs for licensed miners and create regulatory hurdles, but illegal mining is still thriving. The money stolen from illegal mining, from Zamfara to Osun to Ebonyi, is far greater than the entire budget”.
Adebayo who alleged lack of clarity and transparency in the way the 2025 budget was presented, argued that several Ministries, Departments, and Agencies (MDAs) had their budgets lumped together, without offering a clear and detailed explanation of how funds would be allocated.
This, he said, undermines public trust and accountability, and further exacerbates the governance issues the country is facing.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
