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The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has weighed in on President Bola Tinubu’s request to increase the 2025 budget estimate from N49.7 trillion to N54.2 trillion.
Dele Oye, President of NACCIMA, views the proposed increase as a proactive approach to revenue management and capital investment.
However, Oye emphasizes the need for further clarification on the additional revenue sources, which include N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from various government-owned entities.
Economic Implications and Concerns
The proposed budget increase has sparked concerns among stakeholders, who question the viability and reliability of the projected revenues. Nevertheless, the additional funding is expected to bolster the Bank of Industry and the Bank of Agriculture, facilitating economic diversification and growth across critical sectors.
Transparency and Accountability
Oye stresses the importance of transparency in the budgeting process, advocating for a thorough examination of the potential impacts on national economic health and stability. A well-articulated rationale for the budgetary adjustments will be crucial in bolstering confidence among stakeholders.
Conclusion
The proposed budget increase marks a significant departure from conventional budgetary processes. As the government seeks to elevate its economic objectives, it is essential to provide clarity on revenue sources and ensure transparency in the budgeting process.
