Nigeria's proposed 2025 budget aims to increase government revenue and reduce reliance on borrowing. While this shift towards self-sustainability is promising, the budget faces challenges in addressing the economic struggles faced by ordinary Nigerians.
Economic planning in Nigeria has always been a tricky balancing act. Leaders come with big promises and bold plans, and President Tinubu’s 2025 budget proposal is no different. The plan focuses on increasing government revenue, borrowing less, and making changes that could set the country on a growth path. But under the promising numbers, there are serious challenges that ordinary Nigerians face every day.
Businesses are struggling, families are feeling the pinch, and multinational companies are pulling out of Nigeria. The big question is this: Can this budget truly make life better for Nigerians, or will it make things worse? The proposed budget is worth N47.9 trillion. Compared to previous administrations, it reflects a shift toward relying less on borrowed money and more on what Nigeria can generate internally. This idea of “self-sustainability” is important because borrowing comes with heavy interest payments that slow down the economy. Economists Carmen Reinhart and Kenneth Rogoff explain in This Time is Different how too much debt keeps countries stuck in cycles of failure. Nigeria’s debt repayments have been draining resources for years, making this new focus on local revenue a step in the right direction. However, even good plans come with challenge
BUDGET ECONOMY NIGERIA DEBT GROWTH
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