“Peter Obi Seeks Transparency on Allocation of Funds in Revised ₦54 Trillion Budget”

Former presidential candidate Peter Obi has raised concerns over the recent increase in Nigeria’s Budget of Restoration to ₦54 trillion, stressing the need for greater transparency and accountability in how the funds will be allocated and spent.

In a statement posted on X on Friday, Obi acknowledged the reported growth in revenue, but pointed out that while the sources of these funds were detailed, there was no accompanying breakdown of expenditures to justify the budget hike.

“For transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people,” Obi stated. He emphasized that budgetary expenditures should prioritize critical sectors such as education, healthcare, security, and poverty alleviation to ensure a positive impact on citizens’ lives.

Obi also raised concerns about the lack of detailed reporting on the execution and spending of the Renewed Hope budget, passed in December 2023, urging the government to provide a comprehensive account of how the funds have been utilized.

“I call on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 Budget of Renewed Hope. Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress,” Obi stated.

As Nigeria moves toward finalizing the 2025 Budget of Restoration, Obi urged lawmakers and government officials to prioritize openness and accountability to protect public trust.

“Let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” he added.

The proposed 2025 budget was recently raised from ₦49.7 trillion to ₦54.2 trillion by President Bola Tinubu, following additional revenue generation from government agencies. Tinubu conveyed the budget increase in letters to both the Senate and the House of Representatives, which were read by Senate President Godswill Akpabio on Wednesday.

The increase was largely attributed to an additional ₦1.4 trillion in revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion from other government-owned agencies.