The Chairman Senate Committee on Capital Market, Senator Osita Izunaso has described the 2025 Budget of N49.7trillion as an ambitious project that will improve social economic development of Nigeria.
President Bola Tinubu on Wednesday presented the 2025 Financial estimates before the joint session of the Assembly.
The President projected an expenditure bill of money, which is 35 percent higher than the N28 trillion budget of 2024.
The new budget according to President Tinubu will prioritise education, healthcare, and security.
President Tinubu noted that the 2025 budget will focus on restoration and seek to consolidate the key policies instituted to restructure the economy to boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get the manufacturing sector humming again, and ultimately increase the competitiveness of the economy.
Speaking with Voice of Nigeria after the budget presentation, Senator Izunaso, who represent Imo West Senatorial District in the National Assembly said he was happy that Mr President has put focus in some critical areas that will bring economic growth.
“The most important things is that, Mr. President has put focus on some critical areas like Security and Defense, For the first time Security and Defense getting about four point something trillion, it has never happened before. Now infrastructure development is getting about four point something trillion again, and he has also put a lot of emphasis on human capital development, as well as health and education. This two combined, education and health is getting about five point something trillion, it has never happened before. So this is a very ambitious project and I believe that For what had be laid on ground, we will be able to achieve significant success in this budget, so am hopeful and optimistic that the President means well for the country,” he said.
Senator Izunaso also said the possibility of the budget being passed before the end of the year is not possible.
“The budget is coming late. Today is December 18, so we will lose that culture of beginning a new year with a new budget. Nevertheless, the budget has a lifespan of 12 months.
“So whenever we pass it, it will have a lifespan of 12 months. Even after 12 months, we still have the liberty to extend it. In fact, we are extending the 2024 budget today.
“But that culture of starting on the 1st of January, we have lost it. The executive ought to have brought this budget way before now. But I believe that maybe they are putting things together.
“They wouldn’t want to delay deliberately bringing the budget to the National Assembly. So I’m saying that that is not a problem, but we have lost that culture.”
The National Assembly had in 2020 passed a resolution mandating the Executive to comply with the January to December budget cycle.
Senator Izunaso also appealed to all Nigerians to exercise patience with the federal government in their quest in reforming the nation’s economy.
“Now, it will be difficult to judge because some of improvements are abstract, you can feel it but the government have done very well, but it’s not yet huru, because of high cost of living, that is why Mr President is addressing it in this budget and moment we get the cost of living low, government had successful increased the minimum wage, that is something that is positive, look at student loan board, in overall, government has done well,” Senator Izunaso said.
On the criticism on the borrowing or loan, the country embarked on, Senator Izunaso said
“There is no way, no economy in the world can strive without borrowing, but it is the nature of borrowing that we are talking about. It is lack of liquidity in our system that is causing the inflation rate that is causing the exchange rate to be high, so what nature of borrowing we are talking about, there are borrowing that are like dash, when the borrowing is may be seven digit and we have moratorium of so many year to pay, many countries will rush to that,” he concluded.
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