…Debt servicing to gulp N15.8trn
…We’ll ensure timely passage of the budget – Abbas
…Economy responding positively to my policies —Tinubu
…National Assembly to extend 2024 budget cycle — Akpabio
President Bola Tinubu on Wednesday presented a national budget of N47.96 trillion for 2025 to the joint session of the National Assembly.
The President said the budget, which he said was put together based on economic realities, would trigger prosperity in Nigeria in 2025 if implemented to the letter.
According to him, the budget would consolidate on key polices of the Federal Government.
Tinubu said Nigerians have shown resilience in the face of economic challenges, hence, he believed that the 2025 budget would leverage on that spirit to drive economic growth.
He emphasised that the country under his watch has recorded improvements in infrastructure and security.
“We do not intend to depart from the critical path to strengthen the economy. Just as I believe in the resilience of our economy to withstand the current challenges.
“I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development and re-orientation form the core of the 2025 budget.”
Tinubu noted that the economic stimulus of the nation worked in 2024, as the economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
He further highlighted the growth in the economy by asserting that Nigeria’s foreign reserve has hit nearly $42 billion, providing buffer against external shocks.
“Our rising exports are reflecting the current trade surplus, which now stands at N5.8 trillion, according to National Bureau of Statistics,” he added.
Sector debate on the budget by legislators in both chambers of the National Assembly is expected to commence immediately, baring any last minute change in plans.
Economy responding positively to my policies —Tinubu
President Bola Ahmed Tinubu says indicators have shown that the economy is responding positively to stimulus.
Tinubu, who said this while presenting the 2024 budget on Wednesday before a joint session of the National Assembly, said the focus of the 2025 budget was to stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
He said Nigerians would soon experience a better and more functional economy going by the positive indicators in the aspects of global economic growth and foreign reserve.
He said, “The global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.”
Tinubu said the goals of advancing national security, creating economic opportunities, investing in the youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget.
“But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory”, he said.
National Assembly to extend 2024 budget cycle — Senator Izunaso
…says January – December cycle not feasible
As President Bola Ahmed Tinubu presents the N47.9tn 2025 budget to a joint session of the National Assembly on Wednesday, the Senator representing Imo West, Osita Izunaso, has stated that the January-December budget cycle is under threat as it is about to be extended.
Senator Izunaso, who serves as Chairman of the Senate Committee on Capital Markets and Institutions, attributed the setback to the delayed submission of the 2025 budget by the Presidency.
Checks revealed that both chambers of the National Assembly passed the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) last month.
The lawmaker further disclosed that Parliament would extend the lifespan of the 2024 budget, asserting that the January-December budget cycle was no longer feasible.
He said: “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 this is not a problem, but we have lost that culture.”
Checks further revealed that the 9th National Assembly, under the leadership of the Senator representing Yobe North, introduced the January-December budget cycle during the administration of former President Muhammadu Buhari as a strategy to enhance budget performance.
Abbas: We’ll ensure timely passage of 2025 budget — it’s a national project
Tajudeen Abbas, speaker of the house of representatives, says the 2025 appropriation bill will receive timely passage by the national assembly.
Abbas spoke on Wednesday at the joint session of the senate and house of representatives during the presentation of the 2025 budget by President Bola Tinubu.
Abbas, who described the N49.7 trillion budget estimates as ambitious, commended the president for his economic reforms and promised legislative support.
The speaker said policies aimed at stabilising prices, boosting agricultural productivity, expanding infrastructure, and investing in education, healthcare, and security remain paramount priorities.
“To strengthen national unity and build trust, it is essential for the government to communicate its achievements effectively to the Nigerian people,” he said.
“Mr president, let me assure you that the national assembly is fully committed to supporting the successful implementation of the 2025 budget.
“This is not merely your budget; it is a national project requiring collaboration across all arms of government.
“We will work to ensure its timely passage, provide legislative support for critical reforms, and conduct robust oversight to guarantee transparency and efficiency in its execution.”
Abbas lauded Nigerians for being patient with the government despite the attendant hardship occasioned by the economic reforms.
“Let us take a moment to recognise and honour the profound sacrifices made by each and every Nigerian over the past year. The removal of fuel subsidies, rising inflation, and adjustments to economic policies have created challenges,” he said.
“Yet these sacrifices are necessary for building a stronger, self-reliant, and prosperous nation. I call on all Nigerians to remain resilient and united in our collective pursuit of a brighter and better Nigeria.
“Mr President, your administration’s reforms have disrupted the status quo, sparking resistance from vested interests. Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.
“The national assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance. Collaboration between all arms of government remains essential to achieving our shared objectives.”
On the tax reform bills, Abbas said the national assembly would work with the president to make the proposed legislation equitable.
“Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing,” he said.
“The national assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.”
The speaker said the parliament is engaging stakeholders to address concerns raised on the tax reform bills to foster trust and cooperation.
“I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes,” Abbas added.
