The House of Representatives has advanced the 2025 Appropriation Bill, amounting to ₦49.7 trillion, to its second reading. This development follows President Bola Ahmed Tinubu’s presentation of the budget to the National Assembly on Wednesday.
During the session, lawmakers lauded the President’s ambitious fiscal plan but raised concerns about the feasibility of its underlying assumptions. They emphasized the necessity for diligent implementation and oversight to ensure the budget’s success.
House Leader Julius Ihonvbere initiated the debate, acknowledging the economic hardships faced by Nigerians. He noted that the budget allocates substantial funds to education, security, health, and infrastructure, reflecting the administration’s commitment to revitalizing the economy. Ihonvbere expressed optimism that this approach would attract foreign investment.
He also supported the government’s goal to reduce inflation to 15% by 2025, stating that this target is achievable with collective national effort. Ihonvbere praised President Tinubu’s leadership and determination in steering the country toward progress.
Former Deputy Speaker Ahmed Idris Wase highlighted the importance of effective execution and monitoring of the security budget to address the nation’s security challenges. He advocated for prompt budget approval to facilitate the implementation of constituency projects and expressed concern over inadequate funding and infrastructure in the health sector.
Jeremiah Umoru questioned the allocation of funds to the South West Development Commission, noting that its board has not been established. He pointed out that the North Central and South South Development Commissions, whose establishment bills are awaiting presidential assent, were not considered in the budget.
Wale Hammed commended the President’s focus on infrastructure, citing the Lagos to Calabar and Sokoto to Lagos road projects. He recalled the long-standing promise of the Sokoto to Lagos road, expressing satisfaction that construction is now underway. Hammed also noted the near parity between capital and recurrent expenditures in the budget, indicating a balanced approach to fiscal planning.
Babajimi Benson emphasized that improved security is key to unlocking Nigeria’s potential. He mentioned the ₦4.9 trillion allocated to the security sector and highlighted the Defence Industries Corporation of Nigeria’s (DICON) potential. Benson noted that ongoing reforms have attracted international interest, positioning Nigeria to become a producer of military hardware.
However, Minority Leader Kingsley Chinda described the budget as overly ambitious. He acknowledged that, if properly implemented, it could benefit Nigerians but cautioned against overlooking current economic indicators. Chinda expressed skepticism about the plan to reduce inflation from approximately 35% to 15%, questioning its feasibility within the proposed timeframe. He suggested that achieving food security might be more realistic by 2026.
Chinda also raised concerns about revenue generation, noting that existing sources remain unchanged. He warned against overburdening citizens with additional taxes and advocated for expanding the revenue base to ensure sustainable economic growth.
The 2025 Appropriation Bill’s progression to the second reading marks a significant step in Nigeria’s budgetary process. As deliberations continue, lawmakers stress the importance of realistic projections, effective implementation, and comprehensive monitoring to achieve the nation’s economic objectives.
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