The Nigerian Senate has passed the 2025 Appropriation bill totalling N54.9 trillion after it was read for the third time.
Senator Olamilekan Adeola, Chairman, committee on Appropriation while presenting the report of the Committee informed that most of the sub committees during budget defence complained of inadequate funds and decline in budgetary allocation to Ministries, Departments and Agencies under their purview in addition to the rising costs in the polity and the continuous devalue of naira.
The highlights of the passed 2025 appropriation bill has an aggregate expenditure N54.9 trillion, statutory transfers of N3 .6 trillon, while recurrent expenditure is N13.6 trillion.
The capital expenditure is earmarked N23.9 trillion ,debt servicing N14.3 trillion, fiscal deficit N13. 8 ttrillon while the deficit and GDP was approved for 1.52 per cent.
Earlier Senator Olamilekan, while presenting the report said Senate debated the general principles of the bill on Dec 19, 2024, resulting in its second reading and consequently referred to the Committee on Appropriations for further legislative action.
According to him the initial proposal of the executive was N49.7 trillion .
He, however, said while processing the bill, the joint committee on appropriations met the President’s economic team to further discuss the revenue projection and expenditure of the 2025 appropriation bill.
“After series of meetings held , the Committee on Finance in conjunction with our committee sourced additional revenue from some revenue generating agencies”.
He said the additional fund was made possible because of the increase in revenue by some revenue generating agencies, saying that some agencies of government were provided funds to take care of critical needs.
He observed that the upward review of the budget from N49.7 trillion to N54.9 trillion to cater for the difference between the details and the bill, the procurement of vaccines and additional funding to some agencies of government.
“The Joint committee worked harmoniously with the Leadership of the National Assembly and the executive arm of government in the processing of the bill.
“This ensured maximum collaboration of the two arms in the utilisation of additional revenue projection, to improve the funding of some critical projects, which could not be adequately funded in the budget proposal earlier submitted by Mr. President, due to funding constraints”.
Senator Olamilekan said the 2025 appropriation bill was presented late in comparison with 2024 appropriation bill.
He urged the executive going forward. to present the budget to National Assembly, not later than three months before the next financial year.
“This will help return the country to the Jan – Dec budget circle.”
Speaking after the budget passage, Senator Godswill Akpabio thanked the Committees in both Senate and the House of Representatives for their tiredness work in making sure the that the 2025 Appropriation Budget is passed.
“Let me thank the Chairman of the Committee on Appropriation, Olamilekan Yayi, And all the member s of the Appropriation Committee who are almost two-third of the Senate, including all the Chairmen of various Committees for working so hard to ensure probity, accountability and prudent expenses of federal government. I also thank the members of the House of Representatives who work collaboratively with the Senate to arrive at this 2025 Budget Appropriation Bill” Senator Akpabio remarks.
President Bola Ahmed Tinubu increased the proposed total budget size for 2025 from N49.7 trillion he presented to the joint session of the National Assembly on December 18, 2024 to N54.9 trillion.
He announced an increase in the proposed budget size through separate letters forwarded to both the Senate and the House of Representatives .
The President said the increase arose from N1. 4 trillion additional revenues made by the Federal Inland Revenue Service ( FIRS ), N1.2 trillion made by the Nigeria Customs Service , N1.8 trillion generated by some other government owned agencies.
PIAK
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