Senate Advances 2025 Budget to Second Reading

Senate Advances 2025 Budget to Second Reading

By Fly Cable News

The Senate has passed the N49.7 trillion 2025 budget for a second reading. The decision was made on Thursday during plenary, following discussions on the general principles of the bill, with senators commending President Bola Tinubu for his positive vision for the country.

The budget was then referred to the Committee on Appropriations, chaired by Senator Solomon Adeola. The budget, which President Tinubu presented to a joint session of the National Assembly on Wednesday, includes a revenue projection of ₦34.82 trillion to fund total expenditures of ₦47.9 trillion, with a deficit of ₦13 trillion.

Key allocations include ₦4.91 trillion for Defence and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health. The budget also earmarks ₦15.81 trillion for debt servicing and sets parameters like 2.06 million barrels of daily oil production, a projected exchange rate of ₦1,500 to the US dollar, and an inflation target of 15%.

Tinubu described the 2025 budget as part of efforts to revamp the socio-economic structure of the country and improve the economy, which has grown by 3.46% in Q3 of 2024. He also highlighted the increase in foreign reserves, now nearly $42 billion.