Nigeria’s 2025 Budget Passes Second Reading at Senate

Nigeria’s 2025 Budget Passes Second Reading at Senate

By Fly Cable News

The Nigerian Senate has passed for second reading the 2025 Appropriation Bill of N49.7 trillion presented before the joint session of the National Assembly by President Bola Tinubu. The passage of the budget came as the Senate adjourned its plenary session until January 14, 2025, to allow lawmakers to partake in the Christmas and New Year festivities.

Galaxy Television reports that Leading the debate on the general principles of the 2025 Appropriation Bill during the plenary on Thursday, the Senate leader, Opeyemi Bamidele, announced that the bill is deemed to have been read for the first time by the presentation before the joint session of the National Assembly, hence the commencement of the general debate.

Bamidele listed major highlights of the budget to include oil price benchmark of 75 dollars per barrel and daily oil production estimate of 2.06 million barrels per day and exchange rate N1, 500 to the US Dollar for the 2025 fiscal year.

Majority of the Senators, who made contributions to the debate, commended President Tinubu for the budget, saying it was indeed a budget of restoration. They called for full implementation of the budget by the executive when approved.

After a robust debate, President of the Senate, Senator Godswill Akpabio referred the 2025 budgetary estimates to the Senate Committee on Appropriation for further legislative action giving four weeks to report back to the Senate on the floor. When the Senate reconvenes in January, further deliberations on the budget are expected, along with discussions on other critical national issues.