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2025 Budget Scales Second Reading

The National Assembly has passed President Bola Tinubu’s proposed N49.7 trillion budget for 2025 through its second reading Thursday, following heated debates in both the Senate and House of Representatives chambers.

The budget, presented to a joint legislative session Wednesday, sparked divided opinions among lawmakers. Majority leader Julius Ihonvbere backed the proposal, stating it would strengthen the nation’s economy and build on the president’s achievements.

Opposition leader Kingsley Chinda dismissed the administration’s target to cut inflation from 34.6 percent to 15 percent as unrealistic. He also criticized the N4.91 trillion defense and security allocation, calling for greater focus on human capital development and environmental protection.

PDP lawmaker Oluwole Oke from Osun labeled the budget “grossly inadequate” for development projects. Sokoto representative Abdussamad Dasuki warned that the budget’s dollar conversion revealed serious shortfalls.

“The budget may look robust on paper but if you convert it to the dollar, you will realize that the budget is not where we should be,” Dasuki said.

Bauchi representative Ismaila Dabo pressed for higher agricultural funding to tackle food inflation. “Inflation is on food items and Nigerians are finding it difficult to cope,” he said, urging allocation increases for agriculture.

Lawmakers from the north-east and south-east demanded additional funding for their regional development commissions.

Deputy Speaker Benjamin Kalu, who presided over the session, referred the bill to appropriation committees after securing unanimous voice vote approval. The Assembly aims to pass the final budget before January 30.

The budget follows November’s approval of the 2025-2027 medium-term expenditure framework, setting oil prices at $75 per barrel for 2025 with 2.06 million barrels daily production target. The framework projects 4.6 percent GDP growth and uses a N1,400 to dollar exchange rate, subject to early 2025 review.

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