By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AIT LIVEAIT LIVEAIT LIVE
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Font ResizerAa
Font ResizerAa
AIT LIVEAIT LIVE
Search AIT
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Follow US

N49.7trn 2025 Budget Passes Second Reading in Senate

Last updated: December 19, 2024 7:38 pm
7 months ago Oyediya UrUm
Share
3 Min Read
senate
Nigerian senate

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.

MUST READ:Tinubu’s 2025 Budget Breakdown: Defence Takes Highest Allocation

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)

Share This Article
Facebook Twitter Whatsapp Whatsapp Email Print

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • Africa: Emerging Hubs for Mineral Processing, Value-Added Production July 10, 2025
  • South Sudan National Day July 10, 2025
  • Cabo Verde: International Monetary Fund (IMF) Executive Board Concludes the Sixth Review Under the Extended Credit Facility Arrangement and Approves the Requests for Extension and Augmentation of the Arrangement, and the Extension and Rephasing Under the Resilience and Sustainability Facility Arrangement July 10, 2025
  • Committee on Planning, Monitoring and Evaluation Expresses Alarm Over Centralisation Risks of National State Enterprises Bill July 10, 2025
  • United Nations Support Mission in Libya (UNSMIL) urges immediate de-escalation in Tripoli July 10, 2025

Trending

aitlive 9
Breaking: INEC admits glitch in results transmission as Court Reserves Judgement In Atiku’s Petition Against Tinubu, electoral body
2023 Elections Headlines
aitlive 1 19 1
Nigeria Air: MD Confirms Unveiled Aircraft Was Hired Ethiopia Flight
Local
LABOUR PARTY
Breaking: LP And Presidential Candidate, Peter Obi, Get Court Permission To Inspect Forensic Materials
2023 Elections
AIT-IMAGES - US House Republicans
US House Republicans authorize Biden impeachment inquiry
World
PETER OBI
Drama in court as judges order Peter Obi’s legal team to go home
Headlines

Section

  • Headlines
  • Local
  • Business
  • Politics
  • Sports
  • Crime
  • Education
  • Health
  • Entertainment

Programmes

  • Kakaaki
  • Focus Nigeria
  • Democracy Today
  • People Politics and Power
  • News Hour
  • AIT Reports
  • World News
  • Moneyline With Nancy
  • Jigsaw

About Us

  • About AIT
  • Our History
  • Our Awards
  • Our Values
  • Privacy Policy


Follow US
© AIT.LIVE. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

THE MOST IMPORTANT NEWS HEADLINE AND EVENT OF THE DAY

Subscribe to our mailing list to receive daily news update direct in your inbox!

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?