Senate President Godswill Akpabio and the Speaker of the House of Representatives, on Wednesday, vowed to ensure swift consideration and passage of the 2025 Appropriation Bill.
President Bola Ahmed Tinubu laid the Bill before the Joint session of the National Assembly after giving a few highlights of the fiscal document christened budget “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”
Both Akpabio and Abbas spoke during the presentation session in Abuja.
Akpabio said: “On behalf of my colleagues, I assure Your Excellency of a swift evaluation of the 2025 Appropriation Bills.
“As expected, we will ensure that due process is followed in passing these bills. We will do what is right and justifiable, conducting public hearings to ensure that the voices of Nigerians resonate within the budget, for all budgets belong to the people.
“If public sentiment necessitates adjustments to specific allocations, we will respond accordingly, ensuring that such actions are not misconstrued as padding.”
The Senate President in his welcome address titled: “A call to unity and progress” however urged the President to caution ministers and heads of Ministries, Department, and Agencies of the Federal Government to promptly honour invitations by relevant committees of the National Assembly to defend their allocations.
He said that the National Assembly is presently considering a Bill to extend the lifespan of the capital components of the 2024 budget from December 31st to June 30th, 2025.
While addressing the President, Akpabio said: “Your Excellency, we have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively.
“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025.
“The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.
“We commend your steadfast commitment to collaborate, cooperate, and work with the National Assembly to achieve your grand vision for Nigeria.
“However, let me take this opportunity to stress the importance of the Honourable Ministers and Heads of Extra-Ministerial Departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.
“We have observed concerning behaviour from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant Committees of the legislature. It is imperative they understand that we will not condone such breaches of the Constitution going forward.”
Akpabio commended President Tinubu’s tax reform initiatives, saying: “It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.
“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“Notably, your infrastructure renaissance has paved the way for many roads, including the Coastal Road and crucial arteries in Abuja Capital City and other parts of our dear country.
“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.
“To my compatriots, I acknowledge that it is not yet Uhuru. However, we are light-years away from where we began, though some rivers remain to be crossed. The pains we feel are not merely the pains of hardship; they are the pains of childbirth.
“When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured. For now, I ask for your patience and urge all Nigerians to cooperate with the President and maintain faith in his vision.
“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the Distinguished Senators and Honourable Members of the House of Representatives are your eyes in our constituencies and every corner of Nigeria. When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us. Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signalling the dawn of Nigeria’s economic rebirth.
“Let us take a moment to commend the tireless dedication of each member of this esteemed Senate and House of Representatives. Your steadfast commitment to the welfare of our people and the advancement of our nation is a testament to the enduring spirit of Nigeria. Your love and support for the Executive Arm in fulfilling its pledge to the Nigerian people make this 10th National Assembly a beacon of patriotism, altruism, and selfless ambition.
“In this moment, let us embrace the inspiring words of President Tinubu: “Together, we will build a Nigeria that we can all be proud of.” Let us march forward, united in purpose and unwavering in resolve, as we craft a future that reflects the very best of who we are – a nation of resilience, a nation of hope, a nation of greatness.”
In his presentation, Speaker Abbas commended the proposed 2025 budget of N49.7 trillion, adding that the projections of 4.6% GDP growth, a crude oil price of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day are bold but achievable.
He said: “Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.
“The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.
“To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes.
“As we approach 2025, we must embrace the realities before us with determination. Stabilizing prices, boosting agricultural productivity, expanding infrastructure, and investing in education, healthcare, and security remain paramount priorities. To strengthen national unity and build trust, the government needs to communicate its achievements effectively to the Nigerian people.”
He assured the President that the National Assembly is fully committed to supporting the successful implementation of the 2025 budget, saying, “This is not merely your budget; it is a national project requiring collaboration across all arms of government.
“We will work to ensure its timely passage, provide legislative support for critical reforms, and conduct robust oversight to guarantee transparency and efficiency in its execution.
“Let us take a moment to recognise and honour the profound sacrifices made by each and every Nigerian over the past year. The removal of fuel subsidies, rising inflation, and adjustments to economic policies have created challenges.
“Yet these sacrifices are necessary for building a stronger, self-reliant, and prosperous nation. I call on all Nigerians to remain resilient and united in our collective pursuit of a brighter and better Nigeria.”
The Speaker said that the bold steps taken by President Tinubu to reposition the Nigerian economy have no doubt disrupted the status quo in the country, sparking strong resistance from vested interests.
He said the reforms which have begun to yield positive results are a clear indication of the President’s resolve to prioritise the welfare of Nigerians
He, however, said that while the reforms are yielding results, the current fiscal realities need critical reflection, saying despite being Africa’s most populous nation with over 220 million people, the 2024 national budget of $36.7 billion remains modest compared to countries like South Africa, with a budget of $160 billion for its 60 million citizens; Egypt, with $110 billion for 110 million people; Algeria, with $60 billion for 45 million people; and Morocco, allocating $50 billion for its 37 million residents.
“Indeed, Nigeria’s low tax revenue also remains a major constraint. Our tax-to-GDP ratio, currently at approximately 10.9% for 2024, is among the lowest in Africa, significantly below the continental average of 15.6%. In comparison, South Africa’s tax-to-GDP ratio stands at 25.4%, while Rwanda and Ghana, with much smaller populations, report ratios of 15.1% and 14.1%, respectively.
“Even our VAT collection efficiency – at approximately 20% – is notably below the near 70% efficiency achieved by South Africa, Equatorial Guinea, and Zambia,” Abbas said.
The Speaker added: “Over the past 18 months, your administration has taken bold and decisive steps to reform our economy. The removal of fuel subsidies, unification of foreign exchange rates, and introduction of innovative economic policies have laid a solid foundation for sustainable growth and development.
“While these reforms have demanded short-term sacrifices, they are acts of courage and patriotism. History teaches us that transformative progress often begins with difficult decisions. Examples from China’s market reforms, India’s liberalisation, and South Korea’s industrialisation affirm the enduring benefits of such bold action. These lessons inspire confidence that Nigeria’s ongoing reforms will foster economic growth, reduce poverty, and ensure long-term prosperity.
“Your administration’s reforms have disrupted the status quo, sparking resistance from vested interests. Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.
“The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance. Collaboration between all arms of government remains essential to achieving our shared objectives.”
The Speaker said 2024 has been a year of mixed economic fortunes with the National Bureau of Statistics reporting a GDP growth of 3.46% in the third quarter, up from 3.19% in the second, largely driven by the services sector.
He said: “Despite challenges posed by climate change and insecurity, agriculture remained a critical contributor, accounting for 17.22% of nominal GDP in the first quarter and 22.61% in the second quarter. However, inflation, rising to 33.88% in October, alongside escalating food and energy costs, continues to strain households across the country.
“Nonetheless, the International Monetary Fund’s projection of 3.2% growth for 2025 underscores a positive trajectory if reforms are sustained and structural issues addressed.”
Abbas said the President’s international engagements have further reinforced Nigeria’s global standing, adding that the agreements from the September 2024 visit to China are set to transform rail transport, enhance digital literacy, boost agriculture, and strengthen national security while elevating Nigeria-China relations to a comprehensive strategic partnership.
He said further that his engagements in France similarly secured €300 million for critical sectors, while Brazil’s $4.2 billion grant to strengthen agriculture underscores your focus on sustainable growth.
He commended the government for its remarkable achievements is advancing local government autonomy, ensuring that resources reach grassroots communities, and empowering them to address their specific needs, saying this commitment to transparency and accountability will have a lasting impact, particularly on our rural communities.
