The Senate has passed the N49.7tn ‘Restoration’ Budget for a second reading.
The budget was passed on Thursday after various deliberations on the bill’s general principles by senators who applauded the president for his good intentions for the country.
The budget was passed and referred to the Committee on Appropriations after being put to a voice vote by the Senate President, Godswill Akpabio, who presided over the session.
The Committee on Appropriations is chaired by Senator Solomon Adeola.
President Bola Tinubu had on Wednesday presented to a joint session of the National Assembly the budget, which he named, ““Restoration budget, securing peace and building prosperity.
During Thursday’s plenary, the Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), led a debate on the general principles of the 2025 appropriation bill.
Bamidele, in his lead debate, said the budget proposal demonstrated Tinubu’s commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.
He said the budget proposal experienced a significant increase of 74.18 per cent from the previous year’s budget and that with the increase, it would address infrastructural decay and developmental challenges in the country.
He, therefore, urged his colleagues to support the passage of the 2025 budget proposal.
In his contribution, the Deputy Senate President, Barau Jibrin, commended the president for his political will in bringing prosperity to the country.
Jibrin, the senator representing Kano North Senatorial District, noted that the budget demonstrated the government’s intention to fight insecurity.
He said, “Peace is sine qua non for a sound economy, for a sound and up-and-doing society. And we all know the problems we are facing in terms of insecurity. Now, the government has taken steps to deal with it frontally. This is why defence and security got the highest allocation of N4.91 trillion. It shows the readiness of the government to deal with the problem of insecurity once and for all.”
The senator representing Lagos East Senatorial District, Adetokunbo Abiru, commended the federal government for surpassing its projected revenue for 2024.
Abiru said projections in the 2025 budget are achievable, including the production of oil prices.
“The ability to stabilise the naira is also not in doubt. With the government’s plans, it will help tackle the inflation rate,” he added.
Abdul Ningi, Bauchi Central Senator, urged his colleagues to prioritize the interest of Nigerians when passing the budget.
“I received yesterday’s budget with very cautious optimism. The talking point now is not talking about what the government brought but what we can do as the parliament.
“The president has done his part, but the ball is in our court. How do our people feel? What is their economic situation? What about hunger? These are things that we should ask as a parliament. It is important that the president pays a lot of attention to insecurity.
“We should ensure that the 2025 budget is highly performed. We should ensure that our people have a better life.
Similarly, Asuquo Ekpenyong (APC, Cross-River South) commended Tinubu for the budget presentation.
Ekpenyong said the review of Nigeria’s economy has positively increased since Tinubu became president.
He added, “His review of 18 months of stewardship over the economy shows an improvement.”
Victor Umeh (LP, Anambra Central) questioned the government’s inflation projections for the budget.
“I was wondering how N1,500 to a dollar will bring down inflation, which is already at 30 per cent,” he said.
Abia North Senator Orji Kalu said the government needs to pay more attention to manufacturers and support the Bank of Industry for productivity.
After the debate, the Senate President, Godswill Akpabio, put the passage to the vote, and most senators supported it.
Akpabio subsequently passed the budget for a second reading and referred it to the Committee on Appropriations.
He directed the committee to report back to the Senate within four weeks.
The Senate President thereafter announced the adjourning of the plenary till January 14.
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