Some economists have urged the Federal Government to accord priority to agricultural development, infrastructural renewal and support for domestic production in the 2025 budget.
The economists spoke in separately in Lagos yesterday. Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), said that increasing budgetary allocation to the agricultural sector could help alleviate the current economic challenges.
He explained that this would promote self-sufficiency in food production and reduce reliance on imports.
“The agricultural sector is an area where our people have a comparative advantage and serves as a key driver of Gross Domestic Product (GDP),” Unegbu stated
He urged the federal government to allocate a significant portion of the budget to the Information and Communication Technology (ICT) sector to empower the youth.
“The ICT sector has the potential to empower our teeming youth population and address developmental challenges, particularly in this era of artificial intelligence,” Unegbu added.
He emphasised the need for adequate allocation to the energy sector, specifically electricity to accelerate industralisation.
Also, Mcantony Dike, former President, Chartered Institute of Taxation (CITAN), asked the government to earmark adequate funds to infrastructural renewal.
“In particular, there should be more investment for road and railway infrastructure because of its pivotal role in national economy.
He also advised government to improve its approach to issues associated with oil theft in the Niger Delta region.
“This will enable the regulators to achieve the over two million barrel in the proposed budget and attain the Organisation of Petroleum Exporting Country (OPEC) benchmark.
“Even the country will begin to earn more in foreign exchange to shore up its external reserves and enhabnce fiscal revenue,” Dike said.
Similarly, Mr Moses Igbrude, National Coordinator, Independent Shareholders Association of Nigeria(ISAN), urged the government to propel the budget for the advantage of domestic production in 2025.
“Supporting mechanised agriculture and establishing agro-allied industry will boost our economy, particularly in areas where most of the people are into agriculture,’ Igbrude said.
He further reminded the government on the need to invest more in the education sector to shape national workforce.
“The education sector should receive increased funding to meet the United Nations Educational, Scientific and Cultural Organisation (UNESCO) benchmark for developing nations, to which Nigeria is a signatory,” he emphasised.
President Bola Ahmed Tinubu, had yesterday in Abuja, assured Nigerians of better days ahead, noting that economic reforms would yield positive results in 2025.
He said there had been noticeable signals of improved security, education, and healthcare, as well as 3.46 per cent GDP growth in the third quarter of 2024.
President Tinubu made the statement during the presentation of the N49.8 trillion 2025 Appropriation Bill to the joint session of the Senate and the House of Representatives, attributing the successes recorded so far to his administration’s economic reforms.
The President projected an expenditure bill of N49.8 trillion, which is 35 per cent higher than the N28 trillion budget of 2024.(Source: NAN)
