National Telescope national telescope newspaper
By Ekpenyong Emmanuel
The Senate has approved the N49.7 trillion 2025 Budget for a second reading during Thursday’s plenary session. The decision followed extensive deliberations on the general principles of the bill, with senators commending President Bola Tinubu’s vision for the nation.
After a voice vote, the Senate President, Godswill Akpabio, referred the budget to the Committee on Appropriations for further scrutiny. The committee, chaired by Senator Solomon Adeola, will now evaluate the proposed spending plan in greater detail.
President Tinubu presented the 2025 Budget of Restoration to the National Assembly on Wednesday, emphasizing its focus on fostering peace and prosperity. The proposal includes a revenue projection of ₦34.82 trillion to fund an aggregate expenditure of ₦47.9 trillion, leaving a deficit of ₦13 trillion.
In his address, Tinubu allocated ₦4.91 trillion for Defence and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health. Additionally, ₦15.81 trillion is earmarked for debt servicing. Key economic parameters in the budget include daily oil production of 2.06 million barrels, an exchange rate of ₦1,500 to the US dollar, and an inflation rate target of 15%, down from the current 34.6%.
He stated, “The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.”
