By Ibukun Emiola
An economist, Prof. Alarudeen Aminu yesterday, said that Nigeria’s economy in 2025 fell short of expectations due to policy inconsistencies, weak transparency, and the continued over reliance on oil revenue.
Aminu, who is chairman, Nigerian Economic Society (NES), Oyo State chapter, stated this in Ibadan, even as he noted that several economic indicators failed to align with government projections, while gaps in information management contributed to uncertainty across key sectors.
He said that the country could not claim to have diversified from oil when fluctuations in crude prices still directly undermined revenue performance and budget implementation.
“They say we have decoupled from oil, but it is not true. If oil price falls and the budget becomes threatened, it means the economy is still oil based,” Aminu said.
According to him, Nigeria’s expenditure plans for 2025 were challenged by delays in capital releases, rollover of unfinished projects, and lack of clarity on the utilisation of debt instruments.
He alleged that foreign loans were taken without adequate projects specific disclosure, making public monitoring impossible.
“For every debt, there must be clarity. Nigerians should know the project it is tied to and be able to track its execution. Without that, transparency is absent and accountability is weak,” Aminu said.
The NES chairman added that conflicting statements from government institutions on the economic policies affected investor confidence, stressing the need for unified communication from the presidency, finance ministry and planning agencies.
He also warned against what he described as “habitual rollover budgeting”, where capital projects from one fiscal year are frequently pushed into another, making performance evaluation and proper accounting difficult.
On the way forward, Aminu urged the Federal Government to establish baseline performance indicators for quarterly assessment of reforms and publish progress reports accessible to citizens and stakeholders.
He stressed the need to expand non-oil exports using “low-hanging fruits” in agriculture, floriculture and value-added commodities where other African countries were already earning significant revenue.
“Countries in East Africa are making billions from exporting flowers and agricultural commodities. Nigeria has the capacity. We should be serious and tap these opportunities,” he added.
Aminu also said that coordinated monitoring, realistic budgeting and implementation discipline remained crucial to rebuilding public trust and setting Nigeria on a sustainable growth path.
He called for improved regulatory efficiency, investment in health and human capital, and renewed focus on manufacturing to reduce imports of finished goods. (NAN)
