The Senate is set to receive the report on the revised N54.2 trillion 2025 budget estimates this week following adjustments to accommodate an additional N4.5 trillion in expenditure.
Senate President, Godswill Akpabio, confirmed that the report would be laid before lawmakers today or tomorrow to facilitate its final consideration and passage.
Addressing the Red Chamber on Tuesday after a debate on a bill for the establishment of a Federal University of Agriculture in Abak, Akwa Ibom State, Akpabio underscored the urgency of concluding all pending legislative matters to prioritize the budget finalization process.
“You will observe that some of our colleagues are not in the chamber because of the required final touches on the 2025 Appropriation Bill, the report of which will be laid before us tomorrow (Wednesday) or Thursday. We need to close early to allow for collective efforts in that direction for final consideration and passage of the 2025 Appropriation Bill,” Akpabio stated.
The National Assembly had initially scheduled the passage of President Bola Tinubu’s proposed N49.7 trillion budget for January 31, 2025. However, this timeline was disrupted following an increase in the total expenditure profile to N54.2 trillion, communicated by Tinubu on February 4, 2025, the same day lawmakers resumed from their Christmas and New Year recess.
Both Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, acknowledged the necessity of reprocessing the budget to incorporate the additional expenditure. The Senate President had earlier directed the Senate Committee on Appropriations to expedite the review process to ensure the budget’s passage by the end of February.
In line with this directive, Akpabio confirmed during Tuesday’s plenary session that the committee’s report on the adjusted N54.2 trillion budget would be presented within the week. The move aligns with the legislature’s commitment to maintaining fiscal timelines and ensuring the smooth operation of government activities for the 2025 fiscal year.
Meanwhile, the Senate has proposed a N10 billion special fund for investor education in the capital market, as part of the 2025 budget.
The initiative aims to enhance public awareness and attract more investors to the market.
Chairman of the Senate Committee on Capital Market, Osita Izunaso, explained the importance of the proposal while addressing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a Securities and Exchange Commission (SEC) budget defense session in Abuja.
“The capital market is doing well, but we need to do better to attract more investors. At present, participation is low, and I don’t think it is right. Also, the number of companies listed in the exchange is low compared to the companies that operate in this country,” Izunaso stated.
He further explained that a dedicated fund for investor education would help raise awareness, increase participation, and contribute to Nigeria’s efforts to achieve a $1 trillion economy, as envisioned by President Tinubu.
The Finance Minister, Wale Edun, assured lawmakers that the government is creating a stable and conducive economic environment to attract investments and sustain growth.
