A contrast comparison between former president Buhari's budget and President Tinubu's budget

Public affairs analyst, Dr. Emmanuel Osemeka has attributed Nigeria’s rising inflation to the steady expansion of federal government budgets over successive administrations, arguing that increased spending without corresponding growth in production has fueled economic instability.

Speaking during an interview on Trust TV, Dr. Osemeka traced the inflationary trend to budgetary decisions made in recent years, beginning with the administration of former President Muhammadu Buhari. According to him, the sharp rise in government expenditure marked a turning point in Nigeria’s fiscal history.

“Buhari’s first budget was 14 trillion. We moved from 4 trillion to 14 trillion. So more expenditures created inflation,” he said. “Then secondly it went to 17 trillion to 15 trillion like that.”

Dr. Osemeka explained that while government spending is necessary to drive development, unchecked expansion of budgets without a strong productive base can have damaging consequences for the economy. He argued that the volume of money injected into the system over the years has outpaced actual production, leading to increased prices of goods and services.

The analyst also pointed to the current administration, noting that the scale of expenditure has further intensified inflationary pressures. “Tinubu’s first budget was 44 trillion,” he stated, highlighting the unprecedented size of the spending plan.