Amanze Chinonye
Former Anambra State Governor, Peter Obi, has accused the administration of President Tinubu of fiscal recklessness, citing what he described as Nigeria’s growing culture of overlapping budgets, poor implementation, and declining transparency in public finance management.
In a statement on Monday, Obi raised concerns ahead of reports that the Senate may approve the 2026 Appropriation Bill on March 17, questioning which budget framework the country is effectively operating under.
“With the announcement that the Nigerian Senate is likely to approve the 2026 National Budget on March 17, every Nigerian is asking an important question: which budget will Nigeria use this year?” Obi asked, noting that budget implementation from 2023, 2024 and 2025 has continued simultaneously.
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According to Obi, President Tinubu inherited a legally approved N21.83 trillion 2023 budget but went on to present a N2.17 trillion supplementary budget shortly after assuming office, a move he said attracted public criticism for favouring public office holders during a period of economic hardship.
He argued that instead of restoring fiscal discipline, the administration repeatedly expanded the 2023 budget without a clearly defined terminal date, a pattern he said continued with the passage of a N35.06 trillion budget in 2024 and a N54.99 trillion budget in 2025.
“In less than three years, President Tinubu has exercised appropriation powers over more than N114 trillion in public spending,” Obi stated, adding that the government has failed to achieve even 50 per cent budget implementation, thereby undermining budget credibility.
Obi further described as “alarming” the situation in which Nigeria, until mid-2025, was effectively operating with about three overlapping budgets without clear legal or fiscal guidance on their respective timelines.
“No serious country manages its budgets or fiscal operations in such a manner,” he said.
The former governor also criticised what he termed the opaque repeal and re-enactment of the 2024 and 2025 budgets with extended implementation timelines, noting that Nigerians have not been provided with details of the re-enacted budgets, including the capital projects involved or their costs.
“This is not reform; it represents fiscal obscurity elevated to the level of state policy,” Obi warned.
He expressed concern that early signals from the proposed 2026 budget suggest the administration is unwilling to address what he described as the structural weaknesses in Nigeria’s public finance system.
Obi also accused the Federal Government of deliberately weakening transparency mechanisms, alleging that treasury reports are no longer being published on the OpenTreasury.gov.ng portal and that no budget implementation report was released in 2025.
“This lack of transparency is not accidental; it reflects a deliberate pattern of undermining public scrutiny and debate,” he said.
Calling for urgent reforms, Obi urged the Federal Government to return to a strict January–December budget cycle, arguing that such a move would improve planning, enhance transparency and accountability, and support sustainable economic growth.
“No nation can operate with such recklessness and succeed,” he added.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
