Professor Paul Nnamchi, a federal lawmaker, has commended the 2025 national budget, calling it both ambitious and growth-oriented. He believes the budget has the potential to drive long-term economic development by targeting key sectors through strategic investments and policies designed to strengthen the economy.
Nnamchi noted that the budget seeks to reassess the government’s transformation agenda, with a focus on enhancing production and ensuring alignment between monetary and fiscal policies. According to him, the budget aims to lower interest rates, support investments, promote production, and curb inflation.
He also highlighted significant improvements in security, particularly in the Niger Delta region, which has contributed to an increase in oil production from 1.2 million barrels per day to 1.8 million barrels per day. This progress, he said, would have a positive impact on the nation’s economic growth.
Key aspects of the proposed budget include:
A substantial allocation to security, which Nnamchi emphasized is essential for addressing food security issues and lowering the cost of staple foods.
The boost in oil production and agricultural growth, driven by improved security, could lead to a reduction in inflation from 39% to 15%, according to medium-term expenditure frameworks.
Investments in infrastructure development, expected to stimulate growth and attract foreign direct investment.
Despite the budget’s ambitious nature, Nnamchi stressed that it is built on sound economic principles, with its success reliant on the commitment of representatives to ensure that every allocation is effectively utilized for the benefit of Nigerians.
He urged prioritizing national interests over sectional interests, emphasizing that Nigeria’s progress should be the primary focus in implementing the budget.