The Peoples Redemption Party (PRP) has criticized the Federal Government’s decision under the President Bola Tinubu administration to allocate N15.81 trillion towards debt servicing in the 2025 Appropriation Bill, describing it as a glaring misplacement of priorities.
The PRP also faulted the budget deficit of N13.08 trillion, coupled with insufficient revenue generation, which it said poses significant risks to the nation’s financial stability.
The PRP, in a statement by its National Chairman, Falalu Bello, OFR, said instead of addressing the pressing needs of Nigerians, the government is prioritizing debt repayment over critical sectors like education and healthcare, which have been allocated a meager N94 billion combined.
Describing the budget as a continuation of fiscal irresponsibility, the party expressed concern over the state of the economy, with inflation at 34.6%, unemployment rising, and Nigeria losing its position as Africa’s second-largest economy.
“This budget reflects a troubling disconnect from the realities faced by ordinary Nigerians. While millions struggle to make ends meet, the government is allocating 35% of its expenditure to debt servicing, leaving little for sectors that directly impact the lives of citizens,” the statement read.
The PRP argued that it is unwise to allocate such substantial funds to debt servicing when schools across the country are grappling with inadequate infrastructure and resources, and hospitals remain under-equipped, struggling to provide basic care.
“While our schools are in shambles and our hospitals lack essential equipment, the government is prioritizing debt repayment over the welfare of its citizens. This is not only irresponsible but also a betrayal of the trust placed in this administration,” the party said.
The PRP further raised concerns over opaque budget items and the lack of transparency in project execution. It noted that recurring allocations to vague projects without clear accountability raise serious questions about potential corruption and mismanagement.
The opposition party while calling on Nigerians to hold the government accountable said it is committed to bringing about transformative change in the country if given the chance in future elections.