CHUKWU DAVID writes on appraisals made by some senators on the 2025 Appropriation Bill, which President Bola Tinubu presented to a joint session of the National Assembly last week
President Bola Tinubu had on Wednesday, December 18, laid the N49.7 trillion 2025 Appropriation Bill before the joint session of the National Assembly. The lawmakers, who were eager to pass the budget, considered and approved it for second reading barely 24 hours after it was presented.
The senators, during a two-hour session, chaired by the President of the Senate, Godswill Akpabio and his deputy, Barau Jibrin, thoroughly debated the money bill, with no fewer than 43 senators contributing to the debate on the general principles of the fiscal proposals.
The N49.7 trillion budget has a revenue projection of N34.820 trillion, expenditure of N47.960 trillion, and deficit of N13 trillion. Its framework projects a Gross Domestic Product (GDP) growth rate of 4.6 per cent and crude oil price of $75 per barrel, as well as an exchange rate of N400 to $1, ultimately, and oil production of 2.06 million barrels per day.
The lawmakers, who overwhelmingly supported the estimates, commended President Tinubu for the budget’s parameters and sectoral allocations, asserting that there are indications of the President’s determination to rejuvenate and strengthen the long ailing and comatose economy.
Most of the senators commended the Tinubu administration on the N4.9 trillion allocated to defence and security, saying that it a sign that the President identified insecurity to be a topmost challenge in the country.
In his contribution, the Deputy President of the Senate, Jibrin, told the session that peace is sine qua non for a sound economy as well as a sound and up-and-doing society, stressing that Nigerians all know the problems facing the country in terms of insecurity. His words: “Now, the government has taken steps to deal with it frontally.
This is why defence and security got the highest allocation of N4.91 trillion. It shows the readiness of the government to deal with the problem of insecurity once and for all. What do you need after tackling insecurity?
For a country that creates that environment of peace, what goes next is, of course, creating a developing environment for the economy to thrive and for business – the private sector to thrive.”
Senate Minority Leader, Abba Moro, in his contribution, called for increased funding of education to meet the requirement of 26 per cent of annual budgets set by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).
“Nigeria hasn’t been able to meet the UNESCO recommendation, hence, we need to review upward the allocation to education. Our inflation rate of 34 per cent is also on the high side, despite the government’s effort to bring it down,” he said.
Moro also expressed the view that the exchange rate set at N1,500 for one dollar is not sustainable, paired against the current market rate of N1,700, and advised the government to work harder on shoring up the strength of the local currency.
The Senate Chief Whip, Mohammed Monguno, observed that tackling insecurity with N4.9 trillion is commendable, especially when improved security will allow people to engage in meaningful economic activities, including agriculture.
He called for better budget performance in 2025, while expressing the same hope on the N4.6 trillion earmarked for infrastructure, which he said would have a multiplier effect on the economy by generating employment.
Senator Victor Umeh, while applauding key provisions in the budget, however complained about the failure of the executive arm of government to capture in the 2025 budget, the Eastern Rail Line, which runs from Port Harcourt to Maiduguri.
Umeh, who represents Anambra Central Senatorial District, expressed both optimism and caution on the budget, highlighting concerns over Nigeria’s growing debt burden and deficit.
While Umeh praised the budget for its focus on critical sectors such as defence and security, infrastructure, education and healthcare, he raised concerns about the heavy reliance on borrowed funds to finance the ambitious spending plan.
The lawmaker further raised concerns that the South-East was not made to benefit from the government’s rail projects across the country, saying: “Mr President offered free train rides to Nigerians this Christmas but how will Nigerians on the eastern line benefit when there is no service there?”
Similarly, Senator Seriake Dickson, also raised concerns about the budget, pointing out that no provision was made for the South-South Development Commission, though he acknowledged that President Tinubu is yet to sign the bill establishing the commission into law.
The senator representing Kogi East, Isah Jibrin Echocho, on his part, expressed concerns over the country’s growing debt burden as outlined in the 2025 budget.
While Echocho acknowledged the budget’s strategic focus on critical areas like security, infrastructure, and human capital development, he cautioned that the substantial allocation for debt servicing could hinder the country’s long-term fiscal sustainability.
The chairman of the Senate Committee on Capital Markets and Institutions, Osita Izunaso (APC, Imo West),who spoke om late submission of the 2025 budget proposals, noted that it will not make the January to December national budget cycle possible this year.
The senator representing Cross River South, Asuquo Ekpenyong, in his contribution, commended President Tinubu for the budget presentation, saying that the positive review of Nigeria’s economy has increased since je became president.
The lawmaker also commended the government for its achievements in foreign exchange reserves, saying: “Foreign exchange reserves have increased 42 billion dollars from almost a negative inheritance. Surpluses of 5.8 trillion and we see economic growth in the country is at 3.4 shooting past the project to figure of 3.2 per cent.”
He demanded that the South-South Development Commission be included in the budget provision, noting that: “for statutory transfers of the budget, there is no allocation for South-South. We can see that of the South-West Development Commission.”
Also speaking, Senator Sadiq Umar (Kwara North) said the budget is targeted at securing and restoring peace to the country, just as Senator Adetokunbo Abiru (Lagos East) commended the Federal Government for surpassing its projected revenue for 2024. Abiru said the projections in the 2025 budget are achievable, including oil production and prices.
“The ability to stabilise the naira is also not in doubt. With the plans of the government, it will help tackle the inflation rate,” he added. Senator Abdul Ningi (Bauchi Central), urged his colleagues to prioritise national interests, when passing the budget.
“I received the budget with very cautious optimism. The talking point now is not about what the government brought but what we can do as the parliament,” he said. Ningi added:
“The President has done his part, but the ball is in our court. How do our people feel? What is their economic situation? What about hunger? These are things that we should ask as a parliament. It is important that the president pays a lot of attention to insecurity.
We should ensure that there is high performance of the 2025 budget. We should ensure that our people have a better life.” Senator Francis Fadahunsi (Osun East), said the proposed amount for defence in the budget is insufficient to fight insecurity.
He also criticised the exchange rate and said many budget projections are impossible, saying: “There is going to be a lot of magic next year in the parliament to support the executive to achieve all these goodies.”
Senator Orji Kalu (Abia North, on his part, said the government needs to pay more attention to manufacturers and support the Bank of Industry for productivity, while Senator Aminu Abbas (Adamawa Central, said with the proposed amount for defence in the budget, the military will get adequate funds to acquire security equipment.
