Former Anambra State Governor and 2023 Labour Party presidential candidate, Peter Obi, has criticised the Federal Government for what he describes as “fiscal recklessness” in Nigeria’s public finance management. Obi raised the alarm as the Nigerian Senate prepares to approve the 2026 national budget on March 17, warning that the country is operating with multiple overlapping budgets and declining transparency.
Obi highlighted that President Bola Tinubu inherited a N21.83 trillion budget for 2023, but shortly after taking office, presented a N2.17 trillion supplementary budget widely criticised for prioritising benefits for public officials while ordinary Nigerians endured economic reforms without adequate social protection. He noted that the government subsequently passed N35.06 trillion and N54.99 trillion budgets for 2024 and 2025, respectively, giving the administration control of over N114 trillion in public funds in less than three years, yet achieving less than 50 per cent implementation.
The former governor criticised the repeal and re-enactment of the 2024 and 2025 budgets with extended timelines, saying Nigerians have not been shown the revised documents or details of capital projects. He also expressed concern over the lack of transparency in public finances, noting the discontinuation of treasury reports on the OpenTreasury portal and the absence of any budget implementation report for 2025.
Obi called for a return to the January-to-December budget cycle to improve planning, tracking, and accountability, warning that no nation can thrive under such mismanagement. He urged the government to restore transparency and fiscal discipline, saying that these reforms are essential for sustainable growth and development.
“A new Nigeria is POssible,” Obi concluded, emphasising the urgent need for structural reform in the country’s budgetary system.
