BREAKING: Senate Passes 2025 Budget 24Hrs After Tinubu's Presentation, Details Emerge
- President Bola Tinubu's 2025 appropriation bill has passed its second reading at the Senate 24 hours after the presentation
- The 2025 N49.7 trillion budget was tagged "The Restoration Budget: Securing Peace, Rebuilding Prosperity"
- Tinubu was at the National Assembly on Wednesday, December 18, to present the budget to the lawmakers, and it passed the second reading on Thursday, December 19
The Nigerian Senate has passed the 2025 Appropriation Bill of N49.7 trillion for its second reading. This development comes after President Bola Ahmed Tinubu presented the budget before a joint session of the National Assembly.
The budget, tagged "The Restoration Budget: Securing Peace, Rebuilding Prosperity," outlines the government's spending plans for the upcoming year. This followed the adjournment of its plenary session until January 14, 2025.
Source: Twitter
This break will allow lawmakers to participate in the Christmas and New Year festivities. During the plenary session, senators debated the objectives and general principles of the fiscal document, which provides a comprehensive breakdown of the government's revenue and expenditure projections.
What to know about 2025 Tinubu's budget
The Nation reported that the 2025 Appropriation Bill is a significant piece of legislation that outlines the government's spending priorities for the upcoming year. The bill, sponsored by Senate Leader Opeyemi Bamidele, provides for a total expenditure of N49.7 trillion. This amount is allocated across various sectors, including statutory transfers, debt service, recurrent expenditure, and capital expenditure.
According to the budget breakdown budget, N4.4 trillion is allocated for statutory transfers, while N16.3 trillion is set aside for debt service. Recurrent expenditure is expected to gulp N14.1 trillion, while capital expenditure will receive N14.8 trillion. These allocations reflect the government's priorities and commitments to various sectors of the economy.
The passage of the 2025 Appropriation Bill for second reading marks an important milestone in the budgeting process. The bill will undergo further scrutiny and debate before its final passage. As the Senate resumes its plenary session in January, lawmakers are expected to delve deeper into the budget and make necessary adjustments so that it aligns with the country's development priorities.
Akpabio tells Tinubu about loneliness in the villa
Legit.ng earlier reported that President Bola Tinubu has said that the presidential villa is lonely and that he may not be aware of lawmakers' efforts to support his administration.
Godswill Akpabio, the president of the Senate, made the remark during President Tinubu's 2025 budget presentation to the joint National Assembly.
Akpabio also praised President Bola Tinubu for the gallant steps he had taken so far and reiterated the National Assembly's support for the president.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
