2025 Budget: Speaker Abbas Calls for Reflection on Nigeria’s Fiscal Realities
By Abdulmajeed Abdullateef
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has called for a critical evaluation of Nigeria’s fiscal realities, particularly in terms of the nation’s budget-population ratio, in comparison to other African nations. His comments came during a vote of thanks following the presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu to a joint session of the National Assembly on December 18, 2024.
In his speech, Speaker Abbas applauded the Tinubu administration for its bold and transformative economic reforms over the past 18 months. These include the removal of fuel subsidies, the unification of exchange rates, and the implementation of innovative policies. He commended these steps for laying a foundation for sustainable economic growth, despite the short-term sacrifices they have demanded from Nigerians.
“These reforms are acts of courage and patriotism,” Speaker Abbas stated. “History shows that significant progress often starts with tough decisions. The economic transformations in China, India, and South Korea are testament to the long-term benefits of such bold actions. Nigeria’s ongoing reforms inspire confidence that they will foster growth, reduce poverty, and ensure lasting prosperity.”
Despite acknowledging the resistance from vested interests that the reforms have sparked, the Speaker praised the government’s determination to prioritize the welfare of Nigerians, describing these measures as necessary and courageous.
Abbas further lauded the proposed 2025 national budget, pegged at ₦49.7 trillion, marking a 35 percent increase from the 2024 budget. He highlighted key projections, including a GDP growth rate of 4.6 percent, a crude oil price of $75 per barrel, an exchange rate of ₦1,400 to the dollar, and oil production set at 2.06 million barrels per day. While he recognized these targets as ambitious, he expressed confidence that they are achievable.
However, Speaker Abbas stressed the importance of reflecting on Nigeria’s fiscal challenges, especially in light of the nation’s population of over 220 million people. He pointed out that Nigeria’s 2024 budget of $36.7 billion is modest compared to other African countries, such as South Africa, with a budget of $160 billion for 60 million citizens, Egypt at $110 billion for 110 million people, Algeria with $60 billion for 45 million, and Morocco at $50 billion for 37 million residents.
The Speaker outlined key priorities for Nigeria, emphasizing the need to stabilize prices, increase agricultural productivity, expand infrastructure, and invest heavily in education, healthcare, and security. He also stressed the critical importance of effective communication by the government to build public trust and demonstrate the positive impacts of these reforms.
“As we move into 2025, we must face these challenges with resolve and determination,” Speaker Abbas remarked.
He assured President Tinubu of the National Assembly’s full support for the successful implementation of the 2025 budget, emphasizing that it is not just the President’s budget, but a national endeavor that requires collaboration across all branches of government. The Speaker pledged that the parliament would ensure the timely passage of the budget, provide legislative backing for essential reforms, and conduct thorough oversight to ensure transparency and efficiency.
Acknowledging the hardships Nigerians have faced over the past year—ranging from the removal of fuel subsidies to the inflationary effects of economic adjustments—Speaker Abbas urged the public to remain resilient. He reminded Nigerians that these necessary sacrifices were vital for building a stronger, self-reliant nation.
“I urge all Nigerians to stay united and steadfast as we work together toward a brighter and more prosperous future,” he concluded.
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