The House of Representatives, has passed the N49.7 trillion 2025 Appropriation Bill for second reading.
President Bola Ahmed Tinubu had on Wednesday, presented the Bill before a joint session of the National Assembly, and the House on Thursday listed it for second reading on its Order Paper, debated its general principles for hours and subsequently passed it at its Committee of Supply.
The prooosed aggregate expenditure for the 2025 fiscal year were broken down to include Statutory transfers of N4.4 trillion, Debt servicing of N16.3 trillion, Recurrent (non-debt) expenditure of N14.1 trillion, and Capital expenditure of N14.8 trillion (to the development fund), leaving a deficit of N13.08 trillion, representing an equivalent o 3.89 percent to the country’s GDP.
The budget was further drawn on an exchange rate of ₦1,500 to a dollar and crude oil production projection at 2.06 million barrels per day (mbpd).
Several members spoke on the Bill, with majority agreeing that it was a very “ambitious” prposal, even as others faulted the parametres on which the budget was based, sayimg they appearrd very unrealistic.
Majority Leader of the House, Hon. Julius Ihonvbere who opened the debate explained that President Tinubu admitted during the budget presentation that Nigerians were going through rough times, but that Nigerians are seeing a government that is ready to refocus on economy.
He said the budget has made adequate provision for the education sector as well as security, health and infrastructure, adding that with the determination of the government, the country will soon begin to see foreign investments in the country.
He commended the government on its plan to reduce inflation to 15 percent in 2015, noting thag the target was realizable if all Nigerians contribute their quota as necessary.
Former Deputy Speaker of the House, Ahmed Idris Wase in his submissions said: “We should follow up the utilization of the security budget to ensure value for money”, calling for the speedy passage of the budget to ensure that what is allocated to the various constituencies are implemented.
However, Hon. Jeremiah Umoru questioned the criteria adopted in allocating money to the South West Development Commission, which he noted had no board constituted, while the North Central and South South Development Commission whose establishment bills are currently with the President are left out.
