The duo of Prof. Rauf Aregbesola of the University of South of Africa and Dr. Abiodun Adedipe, on February 27 X-rayed the country’s 2025 budget and gave varied opinions on the processes associated with the appropriation bill.

Aregbesola and Adedipe spoke at a webinar themed: “ Nigeria’s 2025 Budget and Socio-economic Development Agenda: The Way Forward,” put together by the Centre for Political Issues and Economic Thoughts, Caleb University, Imota, Lagos.

The webinar followed the Federal Government’s decision to increase the 2025 appropriation bill from N49.7 trillion to N54.2 trillion in response to an increase in revenue generated by key government agencies.

The government projected a total revenue of N36.35 trillion for 2025 in the budget, anchored on improved non-oil revenue generation.

 This includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises, alongside oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1, 500 per dollar.

 Adedipe was upbeat about the 2025 budget’s success and declared that the budget’s crude oil benchmark, production target, and exchange rate projections were realistic.

He, however, charged the government to tackle oil theft and other problems that hindered the implementation of previous budgets.

For Aregbesola, Nigeria’s budget does not speak to national development.

The varsity don listed problems associated with the budget process in Nigeria to include non-release of funds, poor procurement practices, corruption, weak capabilities for planning and execution of projects, and lack of continuity in policies and project implementation by succeeding administrations.

He said: “The budget is expected to drive national economic growth.

“If our national budget does not address our development plan, then why are we budgeting?”