The Nigerian Senate on Thursday passed the 2025 Appropriation Bill of N49.7 trillion for Second reading, following President Bola Tinubu’s presentation of the fiscal estimate to a joint session of the National Assembly.
Senate Leader, Opeyemi Bamidele who led the debate on the General Principles of the 2025 Appropriation Bill, highlighted that the budget proposal reflects President Tinubu’s commitment to stabilizing the economy, improving citizens’ lives, and positioning the country for better performance.
He pointed out that the budget represents a substantial increase of 74.18% over the previous year’s budget, which would help address the nation’s infrastructural decay and development challenges.
Bamidele further emphasized that the budget demonstrated the government’s resolve to create a secure and peaceful environment, with a projection that by the time the budget is implemented next year, inflation would decrease from 34.6% to 1%, while the Exchange rate would improve from N1,700 to N1,400 per US Dollar.
The leader of the Senate also anticipated a reduction in Petroleum product imports and an increase in the export of finished petroleum products.
The Senator further stated that the 2025 budget would consolidate key policies of government aimed at restructuring the economy, advancing human capital development, boosting trade and investments, enhancing oil and gas production, revitalizing the manufacturing sector, and increasing the competitiveness of the Nigerian economy.
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In his contribution, Deputy Senate President, Barau Jibrin praised President Tinubu for his political will to bring prosperity to the nation and highlighted that the budget reflected the government’s intention to combat insecurity.
Senator Abdul Ningi of Bauchi Central urged his colleagues to prioritize Nigerians’ interests when considering the budget and ensure its successful implementation for the betterment of the people.
Senator Francis Fadahunsi, representing Osun East, criticized the proposed allocation for Defence, stating that it is insufficient to combat insecurity.
He also questioned some of the budget’s projections, labelling them as unrealistic.
After extensive deliberations, the Senate approved the budget for its second reading and tasked its Committee on Appropriation to report back in four weeks.
(Editor: Ken Eseni)
