The 2025 Appropriation Bill scaled reading in the Senate on Thursday.
President Bola Tinubu presented the 2025 budget estimate of N49.7 trillion to the joint session of the National Assembly on Wednesday.
The passage of the bill for a second reading followed the presentation of its general principles at Thursday’s plenary by the Senate Majority Leader, Opeyemi Bamidele.
Bamidele, who led the debate on the general principles of the bill, said it was deemed to have been read the first time when it was laid before the joint session of the National Assembly by the president.
He said: “The 2025 budget proposal christened, ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ strikes at the very core of the Renewed Hope Agenda.
“It demonstrates this administration’s commitment to stabilising the economy, improving lives and repositioning our country for greater performance.
“The 2025 budget has seen a significant increase of 74.18 percent, reaching N47.9 trillion in nominal terms, signalling a bold fiscal strategy aimed at addressing persistent infrastructure gaps and development challenges.
“However, in dollar terms, the budget contracted by 23.22 percent, dropped from $36.7 billion in 2024 to $28.18 billion in 2025.
“This reduction in real value limits the potential impacts of the budget on economic growth and the well-being of the population.
“What remains for us is to closely examine the contents and the details to sort things out and smoothen the rough edges.”
The Senate majority leader listed the budget highlights to include an oil price benchmark of $75 per barrel, a daily oil production estimate of 2.06 million barrels per day, and an exchange rate of N1,500 to a dollar with the inflation rate standing at 15.75 percent.
In his contribution, the Senator from Bauchi State, Abdul Ningi, expressed optimism about the budget.
He stressed the critical role of the National Assembly in shaping the budget to address the nation’s challenges.
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