The Senate on Thursday approved the second reading of the 2025 Appropriation Bill, a monumental financial proposal totalling N49.7 trillion, which had earlier been presented by President Bola Ahmed Tinubu to a joint session of the National Assembly, stirring considerable anticipation and debate among lawmakers.
Dubbed “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” this ambitious fiscal plan is designed not only to address the nation’s most pressing challenges but also to pave the way for sustainable economic recovery and growth, aiming to restore hope and stability in the lives of the citizens.
The comprehensive breakdown of the budget reveals its extensive allocations:
– Statutory Transfers: N4.44 trillion
– Debt Service: N16.33 trillion
– Recurrent (Non-Debt) Expenditure: N14.12 trillion
– Capital Expenditure (Development Fund Contribution): N14.85 trillion
Senate Leader Opeyemi Bamidele championed the bill, passionately advocating for its alignment with the administration’s overarching goals of fostering peace, enhancing security, and promoting economic revitalisation.
Following robust debates that scrutinised the bill’s objectives, principles, and potential impact on the nation’s future.
The Senate adjourned its plenary session, scheduling a resumption on January 14, 2025, thus allowing lawmakers to return to their constituencies and enjoy the festive celebrations of Christmas and the New Year.
