December 19, (THEWILL) – The Nigerian Senate has approved the second reading of the 2025 Appropriation Bill, valued at N49.7 trillion. The decision followed an extensive debate on the general principles and objectives of the budget during Thursday’s plenary.
The motion for consideration was moved by the Senate Leader, Opeyemi Bamidele, and the bill was subsequently passed without opposition.
Titled “A Bill for an Act to Authorize the Issue from the Consolidated Revenue Fund of the Federation the Total Sum of N49,740,165,355,396 Only,” the fiscal document allocates N4.43 trillion for statutory transfers, N16.33 trillion for debt service, N14.12 trillion for recurrent (non-debt) expenditure, and N14.85 trillion for capital development.
President Bola Tinubu had earlier presented the proposed budget to a Joint Session of the National Assembly on December 18, tagging it the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The budget is predicated on the parameters set out in the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), earlier approved by the National Assembly.
The framework is based on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,500 to the dollar, a GDP growth rate of 4.6% as well a 15.75% inflation rate.
The budget prioritizes security, defence, infrastructure, health, and education.
Senate President Godswill Akpabio commended the lawmakers for their diligence in examining the budget and highlighted the importance of its swift passage to ensure the continuity of government programmes and projects.
The Senate has adjourned its plenary session until January 14, 2025, to allow lawmakers to partake in the Christmas and New Year festivities. The budget is expected to undergo further scrutiny during the subsequent phases of legislative consideration.
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