Nigeria's 2025 federal budget under President Bola Ahmed Tinubu was approved at a staggering ₦54.99 trillion, with a projected deficit of ₦13.08 trillion to be financed through borrowing and other means.
Yet, as the year unfolded, the fiscal reality exposed a troubling contradiction between official claims and lived outcomes.
By the first ten months of 2025 alone, the federal government had borrowed ₦17.36 trillion from domestic and foreign sources—overshooting the prorated borrowing target by over 55%.
Additional financing included a $2.35 billion Eurobond issuance (about ₦3.38 trillion at prevailing rates), parliamentary approvals for $2.347 billion in foreign loans, and an extra ₦1.15 trillion in domestic borrowing mid-year.
Analysts now estimate total 2025 borrowing could reach ₦20–23 trillion—between 50% and 80% above the budgeted deficit benchmark.
Despite this borrowing spree, confusion reigns over revenue.
On 2 September, President Tinubu claimed that the ₦41.91 trillion expected revenue required to finance the budget had already been realized as early as August of that year.
This assertion was publicly contradicted by Finance Minister Wale Edun, who stated that only about ₦10 trillion of the projected ₦41 trillion had actually been generated.
Even more disturbing is how ministries central to national development and public welfare have been starved of funds.
The Ministry of Interior recorded zero capital releases for both 2024 and 2025, effectively halting immigration reforms, correctional services upgrades, and paramilitary infrastructure projects vital for border security and job creation.
Out of ₦218 billion appropriated for Ministry of Health headquarters’ capital projects, a paltry ₦36 million—just 0.0165%—was released.
The Ministry of Transportation received only ₦2.5 billion out of ₦256 billion (about 1%).
Solid Minerals Development reported zero release from its ₦855.06 billion budget.
The Power Ministry received nothing from its ₦531 billion allocation.
Justice and Defence Ministries also recorded zero capital releases.
In a bizarre contrast, the Ministry of Women Affairs reportedly received ₦394.8 million against a ₦89.8 million allocation.
This grim pattern raises unavoidable questions.
What happened to the ₦10 trillion revenue reportedly realized?
Where did the ₦17 trillion already borrowed to finance the deficit go?
What of the funds supposedly saved from fuel subsidy removal and other withdrawn subsidies? And what tangible fiscal gains followed the flotation of the naira?
Too many questions remain unanswered.
What is clear, however, is a widening gap between official narratives and budgetary reality.
For many Nigerians, this disconnect underscores not just poor governance, but deep incompetence.
The task of sending Tinubu and his team packing has become a national assignment.
Uzoma Chilaka
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