The Imperative of Transparency in Nigeria’s Budget of Restoration- by Peter Obi
posted 7th February 2025
7 February 2025: In a social media post the former presidential candidate of Labour Party in the 2023 presidential election wrote:
Nigeria's Budget of Restoration has recently been increased to ₦54 trillion, driven by a surge in revenue. While the revenue sources were explicitly detailed, a significant concern remains: there is no corresponding breakdown of expenditures to justify this considerable increase.
Transparency and accountability are the bedrock of good governance. Nigerians have the right to know how the resources generated from their contributions are allocated. This clarity is not just a matter of administrative diligence but a necessity to ensure that funds are judiciously spent on national development and the well-being of every citizen.
According to Obi, prioritising Critical Development Areas Expenditures from this expanded budget should be strategically directed towards key sectors that drive sustainable growth. These include:
building a robust educational system to empower future generations, strengthening healthcare infrastructure for improved public health outcomes, ensuring a safe and secure environment for all Nigerians, implementing programmes that reduce poverty and promote economic inclusivity.
Obi continued that It is concerning that Nigerians are still awaiting a detailed account of the execution and expenditures of the Renewed Hope budget, passed in December 2023. Transparency in this regard is crucial to verify that public funds have been effectively utilised for the nation’s progress and the welfare of its people.
Finally he urges the National Assembly to act promptly in obtaining and making public the full details of the 2024 Renewed Hope budget. This is not merely an administrative formality; it is essential for fostering accountability, learning from past budgetary experiences, and making informed decisions that will shape Nigeria's future.
He concluded by asserting that we should reaffirm our commitment to openness, accountability, and the prioritisation of the Nigerian people's welfare. We owe this not just to ourselves but to future generations and the enduring prosperity of our great nation.
