1 week ago
31
The National Assembly yesterday passed the N54.99trillion budget for the 2025 financial year, increasing the initial proposal by N700 billion from N54.2 trillion.
The budget passage was sequel to the presentation of reports by the Senate and House of Representatives Committees on Appropriations during separate plenaries at the National Assembly Complex in Abuja.
The breakdown of the budget placed N3.6 trillion for statutory transfers, N14.3 trillion for debt service, N13.06 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for capital expenditure.
SPONSOR AD
President Bola Ahmed Tinubu had last year presented a total budget estimate of N49.7trilliin to a joint session of the National Assembly and sought expeditious passage.
It was titled, “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” Both chambers of the National Assembly had passed the budget estimates for second reading and later invited heads of Ministries, Departments and Agencies (MDAs) for defence.
On February 5, 2025, President Tinubu asked the National Assembly to increase the 2025 budget by N4.5 trillion, raising the total from N49.7 trillion to N54.2 trillion.
The president’s request was contained in a letter read by the Senate President, Godswill Akpabio, and the Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, during separate plenaries of the two chambers.
‘Why we increased budget figures to N54.99trn’
The Chairman, Senate Committee on Appropriations, Senator Solomon Adeola (APC, Ogun West), told newsmen after the passage for third reading yesterday that the National Assembly jerked the estimates from N54.2 trillion to N54.99 trillion to fill the gap in healthcare and other essential areas of life including the upgrade of the national hospital.
He also explained that the figure was increased because some key agencies of government received insufficient allocations and had sought for more.
Similarly, the Chairman, House Committee on Appropriations, Rep. Bichi while giving a highlight on the additions in the budget said funds were provided to close the gap left in healthcare funding after the withdrawal of assistance by the United States.
He said, “It is to be noted that the recent action by the United States Government to suspend further intervention in the Nigerian health sector through provision of vaccines and drugs for malaria, polio, HIV and tuberculosis using its agency USAID will have adverse effects on Nigerians affected by such diseases.
“On this note, the president proactively made a new provision of $200 million which is equivalent to N300 billion, in the Service Wide Votes to fill the gap created by the United States (US} Government’s suspension of intervention to Nigerian Health sector, to proactively address the above mentioned health challenges which are currently being suffered by countries like Uganda and others.
Budget cycle
When asked to state the number of budgets the Tinubu administration was running, Senator Adeola said with the passage, the administration would be running two budgets concurrently.
He said the 2024 budget whose implementation of the capital component was extended to June this year and the 2025 budget just passed were the two valid budgets in force.
Senator Adeola said, “The budget for 2026, the preparation will start in July this year.” He added that the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) would also be passed in good time.
The appropriations chairman explained that the National Assembly would work closely with the Minister of Budget and Economic Planning, Senator Atiku Bagudu, and the Director General of the Budget Office, to ensure that the next budget reverts to the January – December cycle.
Speaker hints of supplementary budget
While the clause by clause consideration was going on, Rep. Chinedu Ogar raised an observation that none of the rail projects in the budget passed through the South East which he said was not fair.
He said the budget was not for particular parts of the country but a national budget, and stressed that some parts should not be favoured in projects at the expense of others.
After his submission, the lawmakers from the North East also said the region was also excluded from the railway projects.
Responding, the Speaker, Hon. Tajuddeen Abbas however, said the National Assembly would bring it to the attention of President Tinubu.
He hinted that there might be a supplementary budget within the year to take care of such issues.
After the passage, Senate President said the budget would lead to socio-economic growth and provide President Tinubu, the leverage to deliver on his “renewed hope” agenda for the country.
English (US) ·