What Tinubu’s N54.6 trillion Budget Means for Nigerians

As Nigeria deals with economic challenges, President Bola Tinubu’s proposed N54.6 trillion budget for 2025 aims to improve the country’s economy and stability. 

This increase in government spending could benefit Nigerians by focusing on infrastructure and other important areas. 

Here’s how Nigerians can gain from the budget and what the government needs to do to ensure these benefits are realised.

How Nigerians Can Benefit:

Better Infrastructure: A large part of the budget is set aside for building and improving roads, power supplies, and hospitals. This not only creates jobs but also makes life easier and cheaper for everyone.

Health and Education: More money in these areas means better public services. This helps families by giving more people access to good schools and healthcare, which is essential for a healthy, educated workforce that can help the economy grow.

Economic Growth and Jobs: Investing in key areas like farming, technology, and manufacturing can boost business and lead to new jobs, reducing unemployment.

Support for the Needy: Programs aimed at helping the poor can reduce poverty and provide safety nets for those in need, ensuring that economic growth benefits everyone.

Improved Security: Spending more on the military and police improves safety, which is crucial for keeping the economy stable and attracting investors.

Actions the Nigerian Government Should Take:

Transparent Spending: The government must make sure money is spent openly and honestly. This helps prevent corruption and ensures that the money is used for its intended purposes.

Sustainable Projects: The government should focus on projects that offer long-term benefits, like renewable energy and digital infrastructure, which support future growth.

Better Tax Collection: By efficiently collecting taxes without overburdening regular people, the government can secure steady income without hurting economic growth.

Encourage Partnerships: The government should promote partnerships between the public and private sectors to bring more investment into infrastructure and other sectors, reducing the financial load on the government.

Diversify the Economy: To lessen dependence on oil, the budget should support industries that can export and create jobs, like tech and agriculture. This diversification is key to a stable economy.

Strong Regulations: Proper rules are needed to ensure that business activities are fair and do not harm the environment or people.

Promote Fair Growth: The government should focus on policies that reduce income inequality and ensure economic benefits are shared by all, including investing in rural areas and supporting small businesses.