The N47.9 trillion 2025 budget presented by President Bola Ahmed Tinubu scaled second reading at the National Assembly on Thursday even as lawmakers adjourned sitting till January 14, 2025, for Christmas and New Year celebrations.
The Senate Leader, Senator Opeyemi Bamidele, who presented the bill to the Senate said out of the N49.7 trillion budget, the sum of N4,435,761,358,925 only is for statutory transfers, N16,327,142,689,549 only is for debt service, N14,123,544,196,406 only is for recurrent (non-debt) expenditure while the sum of N14,853,717,110,517 is for contribution to the development fund for capital expenditure for the year ending December 31, 2025.
Senator Barau Jibrin, the deputy President of the Senate, in his contribution to the debate on the second reading of the 2025 budget commended President Bola Tinubu for “his political will to bring prosperity to this country.”
He said the 2025 budget christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’ is sine qua non for a sound economy and up-and-doing society.
“What we need to do after the passage is to make sure that we do all that is humanly possible to ensure that it’s fully implemented. I’m sure by the time we implement this budget, this country will turn into a land of El Dorado, a land of plenty and prosperity,” he said.
Akpabio, in his final remarks thanked his colleagues for their contributions to the general principles of the 2025 budgetary estimates.
He wished them a Merry Christmas and a very Happy New Year in advance, particularly for the Christian brethren.
“And I also want to say that God Almighty and Almighty Allah will definitely bless your New Year. No tragedy will touch your families. You will go and come back in good health. And Almighty Allah, may God be with you and with your families. May you come back to continue the service to your fatherland”.
He charged those who are in charge of ad-hoc committees that they must do their work, adding “as soon as we come back, please get your reports ready.
“Then those who are in charge of conference committees, to ensure that we marry the petitions of both chambers together, get your reports ready. So that once we come back in January, we can get cracking.
“If there is a need to call you back, in line with legislative practice, while you are on holiday, we will do so. So don’t forget that you are like what they call it in the army, I think reservists. You are on reserve. You can be called back any time if there is need, so that we can convene in the national interest.”
Therefore, he adjourned the Senate to the 14th day of January, 2025.
Reps Pass N47.9trn 2025 Budget for Second Reading
Similarly, the House of Representatives, on Thursday, passed the N47.9 trillion 2025 Appropriation Bill for the second reading after a comprehensive debate on the general principles.
At the plenary session, Speaker Tajudeen Abbas commended the focus of the 2025 budget, emphasising the importance of ensuring accountability and effective implementation.
“This budget reflects our collective determination to lay a foundation for economic recovery and national development,” Abbas said.
The Chairman of the House Committee on Appropriations, Abubakar Kabir Bichi, highlighted the fiscal discipline embedded in the proposal, noting that it includes measures to reduce borrowing and increase revenue through reforms in taxation and public finance management.
However, some lawmakers expressed concerns over the increasing debt servicing costs, which account for a significant portion of the budget.
They urged the government to explore innovative ways to generate revenue and reduce the nation’s dependence on loans.
The House Leader, Julius Ihonvbere, assured Nigerians that the Appropriations Committee would scrutinise the budget during subsequent stages to ensure every naira is judiciously allocated.
The bill will now move to the committee stage, where lawmakers will analyse the budget’s details, sectoral allocations, and policy assumptions before the final passage.
If passed into law, the 2025 budget will be the largest in Nigeria’s history, underscoring the government’s commitment to addressing the nation’s pressing socioeconomic challenges.
At Thursday’s plenary presided over by Speaker Tajudeen Abbas, members debated the budget, emphasising its prospects and challenges.
The debate commenced following the adoption of a motion for ‘A Bill for an Act to authorise the issuance of N49.74 trillion from the Consolidated Revenue Fund of the Federation,” moved by House Leader, Prof. Julius Ihonvbere.
Leading the debate, Prof. Ihonvbere urged members to support the appropriation bill, emphasising that its successful implementation would significantly address the nation’s current challenges.
“The budget proposal addresses key issues that directly impact the lives of Nigerians, and it is crucial that we all support its timely consideration and passage,” he stated.
The budget emphasises defence, infrastructure, and human capital development, with a projected deficit of N13.39 trillion, which will be financed through borrowing.
In his contribution to the ongoing budget debate, Abdussamad Dasuki, the member representing Kebbe/Tambuwal Constituency of Sokoto State, commended President Bola Tinubu for his leadership since assuming office in 2023.
However, he called for an upward review of the proposed estimates to better address the country’s pressing challenges.
Dasuki, a member of the Peoples Democratic Party (PDP), remarked that while the budget appears substantial on paper, its actual value is insufficient when converted to foreign exchange terms.
“The budget may seem robust on paper, but if you convert it to dollars, you’ll realise it falls short of what is needed. Considering the challenges we face, the nation is inadequately provided for,” he said.
He urged the relevant committees, particularly the Committee on Finance, to critically review the budget and propose adjustments to meet the country’s financial demands effectively.
He questioned the parameters adopted in arriving at the allocation to the North-West Development Commission.
“More allocation is needed for the North-West Development Commission. We should ask ourselves the parameters used in arriving at this allocation,” he said.
On his part, a PDP lawmaker from Bauchi State, Ismaila Dabo, urged the House to ensure that the agricultural sector receives a befitting allocation in the 2025 budget given the inflationary pressure on food items in the past few years.
“Inflation is on food items and Nigerians are finding it difficult to cope. I urge the House to do everything possible to ensure enough allocation is reserved for agriculture,” he said.
He, however, called on the Federal Government to prioritise revenue generation to fund the budget rather than resorting to loans as has been the practice in the past few months.
Similarly, Ahmad Jaha, representing Damboa/Gwoza/Chibok Federal Constituency, Borno State, echoed the need to get the security budget right.
He noted that the N4.91 trillion allocated to security in the 2025 budget is not enough, saying, “All the budget elements are achievable if we are secured as a nation. The budget proposals are ambitious and in order, particularly the focus on agriculture and infrastructure.”
Taking a slightly different position on the budget estimates is an All Progressives Congress lawmaker from Nasarawa State, Jeremiah Umaru, who questioned the rationale for making allocation to the South West Development Commission in the 2025 budget proposal even though the board of the commission is yet to be constituted.
In his contribution, the Deputy Chief Whip of the House, George Ozodinobi, called for adequate budgetary provision for the SEDC.
“The money allocated to the SEDC is not enough. We need more money for the take-off of such a commission but I want to say that if implemented, the budget has what it takes to make Nigerians proud,” he said.
Meanwhile, the House has adjourned plenary sessions until Tuesday, January 14, 2024, when lawmakers are expected to resume legislative duties. (Source: Independent.ng)
