Peter Obi, the Labour Party’s presidential candidate for the 2023 election, has called on the Federal Government to address what he terms financial indiscipline and to focus on human and national development.
Expressing his concerns on X (formerly Twitter) on Monday, Obi highlighted significant issues, especially within the education sector.
He stated, “As the giant of Africa which we are, I remain concerned about our fiscal indiscipline as a nation.
“Imagine the situation in our Education sector where the global average of Secondary School enrollment is above 80%, while in Nigeria it is 28%.”
Obi, who previously served as the governor of Anambra State, also criticized the nation’s budgetary priorities. He noted, “Yet our budget for the National Assembly Car Parks is N6 billion. The budget for the National Assembly Recreational Facilities is N4 billion. Approved for the Construction of Hostels in 12 tertiary Institutions is just N1 billion.”
Calling for a shift in financial priorities, Obi urged the government to adopt financial discipline and allocate resources more effectively towards essential areas of human and national development.
He emphasized, “It is time for us to stop this financial indiscipline and embrace financial discipline by prioritizing the allocation of resources to the critical areas of human and national development.”
In December 2023, the House of Representatives approved a total expenditure of N28.78 trillion for the 2024 fiscal year. This figure is N1.2 trillion higher than the N27.5 trillion budget proposal initially presented to the joint session of the Senate and House of Representatives by President Bola Tinubu on November 30, 2023.
A detailed breakdown of the approved budget reveals that N1.74 trillion is allocated for statutory transfers, N8.27 trillion for debt servicing, N8.78 trillion for recurrent (non-debt) expenditure, and N10 trillion for capital expenditure for the fiscal year ending December 31, 2024.
