A chieftain of the All Progressives Congress in the South East Zone, Dr. George Agbakahi, has stated that President Bola Tinubu’s 2025 budget will transform economy as well as create jobs.
In a statement on Wednesday, Agbakahi emphasized that the successful execution of the budget could generate employment, revitalize the agricultural sector, and stimulate growth in the small and medium-scale enterprise sector.
Agbakahi, who is also the South East Leader of the Tinubu Support Organization during the 2023 general elections, described the 2025 budget of N55.99 trillion as ambitious and bold, with the goal of transforming Nigeria’s economy. He pointed out that job creation was a major priority of the budget, with substantial allocations made to the Bank of Agriculture and the Bank of Industry.
“The government cannot directly employ all unemployed Nigerians, but its role is to create an enabling environment where the private sector can offer employment opportunities,” he said. “In this respect, BOA has been mandated to give loans to farmers, small-scale farmers, and subsistence farmers, thereby providing employment opportunities. Similarly, the Bank of Industry is supporting small and medium enterprises, offering loans to small-scale manufacturers, which will ultimately reduce reliance on imports that harm the country’s economy.”
He further emphasized the importance of ending the importation of essential goods such as chicken, fish, and eggs, which continue to drain Nigeria’s resources. He added that agriculture could become a significant foreign exchange earner if properly developed.
Agbakahi also highlighted other critical areas of focus for the 2025 budget, including infrastructure development, solid mineral exploration, and increasing crude oil production. He praised President Bola Ahmed Tinubu’s efforts to diversify the economy away from its reliance on oil, specifically targeting agriculture and solid minerals, which he believes could drive sustainable growth.
“Since independence, oil has been the mainstay of Nigeria’s economy. Now, the president is targeting sectors like agriculture and solid minerals, including the newly established Livestock Ministry, which could provide foreign exchange earnings,” he noted.
Agbakahi also emphasized the importance of national security in the budget, citing the N4.9 trillion allocation for this sector. He mentioned that ongoing infrastructure projects, such as the Lagos-Calabar super highway and Badagry-Sokoto highway, are already creating job opportunities for engineers and artisans.
“These are multi-billion Naira projects that are providing employment opportunities. While these efforts may not receive significant publicity, they are making a tangible impact,” he said.
Reflecting on the country’s economic progress under President Tinubu’s administration, Agbakahi noted that Nigeria’s Gross Domestic Product (GDP) has grown from 2.5% to 3.8% over the past year. He also highlighted a decrease in fuel prices and food costs as positive signs of economic improvement.
Agbakahi praised the government for saving significant amounts of money by removing subsidies on petroleum products, and he acknowledged the reduction in oil theft and pipeline vandalism in the Niger Delta, which had been major obstacles to the country’s oil production.
Regarding security, Agbakahi noted the importance of improving the situation for the economy to thrive. He pointed to the decline in insecurity, with security indices improving from 9% to 7.8%, and the apprehension of over 8,000 terrorists.
“Security is the foundation of every economy,” he stated. “With improved security, farmers can return to their farms, and citizens can go about their daily activities without fear.”
On education, he commended the N3.5 trillion allocation and the introduction of student loans, which he said had brought smiles to many parents.
In conclusion, Agbakahi called for proper implementation of the budget, particularly in the security sector, which has faced challenges in the past. He expressed confidence that if the budget is utilized correctly, it would significantly contribute to the peace and prosperity of the country.
