The National Assembly has raised concerns over the proposed N49.7 trillion 2025 budget, criticizing the significant allocation to recurrent expenditure at the expense of capital projects.
During an interactive session on Wednesday, members of the Senate and House of Representatives Appropriation Committees, led by Senator Olamilekan Adeola and Rep. Abubakar Bichi, questioned the Economic Team, headed by Finance Minister Wale Edun, over the imbalanced budget allocation.
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Lawmakers noted the poor performance of the 2024 budget, which had only 25% capital expenditure implementation compared to 100% for recurrent spending. They stressed the importance of capital project funding, such as roads, schools, and hospitals, to benefit the majority of Nigerians and drive economic growth.
The Executive attributed the challenges to insufficient funds and inherited liabilities, including unpaid pensions.
Finance Minister Wale Edun and Budget Minister Atiku Bagudu pointed to insecurity and underdevelopment as major drivers of recurrent spending. The Budget Office suggested legislative reforms to address the imbalance in future budgets
