The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has criticised the proposed N47.9 trillion budget for 2025, describing it as insufficient to address the country’s pressing economic and infrastructural challenges.
Speaking during the National Executive Council (NEC) meeting of PENGASSAN in Lagos on Thursday, Osifo argued that the budget, amounting to approximately $30 billion, falls significantly short of the needs of a nation with over 230 million people.
Osifo stressed that the effect of devaluation had eroded the real value of Nigerian currency.
“Although the 2024 budget of N27 trillion was smaller, but the real value of that was quite higher in dollar terms.
“The proposed 2025 budget is very low for us as a country. When you compare this with South Africa, a country with just 60 million people and a budget exceeding $120 billion, it becomes clear how far behind we are.”
He called for a substantial increase in the country’s budget size to reflect its potential and resource endowment.
