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Tag: 2025 Budget

  • Senate passes Rivers 2025 Appropriation Bill of N1.48trn

    Senate passes Rivers 2025 Appropriation Bill of N1.48trn

    The Senate, on Wednesday, passed the Rivers 2025 Appropriation Bill of N1.48 trillion. This followed the presentation and consideration of the report of the Senate Ad hoc Committee on Oversight of Emergency Rule in Rivers.

    Making the presentation, Chairman of the Committee and Senate Leader, Sen. Opeyemi Bamidele said that for the record, emergency rule is not a substitute for democratic governance in any political climate.

    “Rather, it is an extraordinary constitutional measure intended to restore order in times of disorder, promote peace in periods of conflict and ensure stability where there is instability”

    He said that the invocation of emergency rule in Rivers was not an arbitrary action, as some had alleged, but one rooted firmly in the provision of section 305 of the 1999 Constitution of the Federal Republic of Nigeria.

    “As you are all aware, these provisions legitimately empower both the President and the National Assembly to act in the interest of national stability and constitutional governance.

    “Neither the President nor the National Assembly has violated any constitutional provision in the maintenance of national security.

    “With respect to the former or specifically in the exercise of our oversight powers guided by the 1999 Constitution to prevent executive absolutism.

    “It is upon this premise that the Senate, under the leadership of Sen. Godswill Akpabio deemed it necessary to constitute this ad hoc committee. To oversight the implementation of the State of emergency rule in Rivers.

    “In line with Section 11(4) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the National Assembly is constitutionally empowered to make laws necessary for the peace order and good governance of any state.

    “This is where the House of Assembly is unable to perform its legislative functions due to prevailing circumstances. This provision directly applies to Rivers”, he said.

    Bamidele further said that the committee observed that the 2025 Rivers Appropriation Bill is consistent with the objectives of the emergency rule.

    He added that this as it sought to stabilise governance and ensure the continuity of essential public service in the state.

    The senate leader said that 72 per cent of the budget was allocated to capital projects which is aimed at driving economic recovery and enhancing public sector efficiency.

    He said: “The committed that N50 billion provision has been made in the current budget proposal to address the backlog of pensions gratuity which is estimated at N147 billion”.

    Contributing, Deputy Senate President, Jibrin Barau commended the chairman of the committee and the members on a good job

    “There is proof that he is actually the leader of the Senate because of the quality of the report. There is nothing one can hide here. It is well structured, properly put together and produced in the best manner possible”.

    Similarly, Chairman, Senate Committee on Appropriations, Sen. Solomon Adeola said, “I looked at the recommendation of the committee and I could see that from the observation, the budget is well structured with 72 per cent of this budget due to capital expenditure.

    “It is highly commendable. That shows that the interim government in Rivers is committed to delivering dividends of democracy to the community”.

    In his remarks, President of the Senate , Akpabio said “let me thank the leader of the senate and all the members of the committee that worked on this.

    “For especially, expeditiously doing this for the good people of Rivers and by extension, Nigeria. I pray that when these projects are executed, they will bring more dividends of democracy to the good people of Rivers and lead to peace, development and prosperity”.

  • NPA to generate N1.28trn in 2025 – MD

    NPA to generate N1.28trn in 2025 – MD

    Nigerian Ports Authority (NPA) has projected revenue generation of ₦1.28 trillion for 2025.

    The Managing Director of NPA, Mr Abubakar Dantsoho, made this known during the 2025 budget defence session organised by the House of Representatives Committee on Ports and Harbours, on Monday in Abuja.

    Dantsoho said that the new target represented a 40 per cent increase from the ₦894.8 billion it realised in 2024.

    He said that NPA’s 2025 budget was more than figures, as it reflected its aspirations for a more efficient, globally competitive port system.

    The managing director recalled that in 2024, the authority surpassed its revenue target of ₦865.39 billion, realising ₦894.86 billion.

    “This shows our unwavering commitment to national revenue generation, even when our own operational liquidity is affected,” he said.

    Dantsoho said the 2025 revenue was expected to come from ship dues, ₦544.06 billion; cargo dues, ₦413.06 billion; concession fees, ₦249.69 billion and administrative revenue, ₦73.07 billion.

    In his remarks, the Chairman of the committee, Rep. Nnolim Nnaji, urged NPA to ramp up its performance, improve port infrastructure and play a greater role in addressing Nigeria’s revenue and unemployment challenges.

    Nnaji, who said that the ports remained a critical pillar of Nigeria’s economy, urged the agency to meet rising expectations despite its operational challenges.

    “No country can thrive economically without high-performing ports. They are the economic heartbeat of every nation, determining how buoyant a country is through the flow of imports and exports,” he said.

    According to him, NPA’s performance has implications beyond maritime activity, adding that increased port output can significantly boost job creation across several sectors.

    “Nigerian Ports Authority is not just a revenue-generating agency; it is a national asset in terms of employment and economic impact.

    “We expect to see detailed strategies on how to improve revenue generation and expand employment opportunities through your 2025 budget,” he said.

  • Ibas defends Rivers State N1.8 trillion 2025 budget

    Ibas defends Rivers State N1.8 trillion 2025 budget

    The Sole Administrator of Rivers State, retired Vice Admiral Ibok-Ete Ibas on Thursday defended the N1.8 trillion 2025 budget of the State.

    Ibas in his presentation said the overall budget reflects not just fiscal planning, but a strategic repositioning of Rivers for sustainable growth, social cohesion, and a renewed contract between the government and its people.

    He said the budget aligns with the strategic objectives outlined in the Rivers Development Plan of 2017-2027.

    According to him, the 2025 N1.8trillon Rivers Government budget was designed to address the needs of the people of Rivers.

    He said the budget proposal demonstrates a commitment to both immediate impact and long-term resilience through strategic allocations across critical sectors, such as works, agriculture, health, education.

    We will monitor sector by sector implementation of Rivers 2025 budget – Senate

    Meanwhile, the Senate has vowed to monitor sector to sector implementation of the 2025 Rivers budget for meaningful development, ensuring transparency, accountability in project execution to drive meaningful growth and progress in the state.

    Chairman of the Senate Ad hoc Committee on Oversight of Rivers Emergency, Sen. Opeyemi Bamidele made the pledge on Thursday in Abuja at defence of 2025 Budget of Rivers by the Sole Administrator.

    Bamidele said it was the mandate of the committee to track how allocated resources are utilised project by project, sector by sector.

    This, he said was to guarantee transparency, uphold accountability in the use of public funds in the overriding public interest of the people.

    “This committee carries a continuous oversight responsibility that goes beyond today’s defence
    session.

    “As representatives of the Nigerian people, we are not only tasked with evaluating figures, but also with ensuring the faithful implementation of the budget.

    “It is our mandate to track how allocated resources are utilised project by project, sector by sector to guarantee transparency and uphold accountability in the use of public funds.

    “This means that our engagement today on the Rivers 2025 Appropriation Bill does not end here, in the coming months, we shall assess the performance of the budget by closely monitoring disbursements, execution timelines, and delivery outcomes.

    “Our objective is to ensure that approved funds translate into meaningful development and that
    deviations or delays are addressed promptly in the overriding public interest.”

    He said the committee, beyond the numbers would also evaluate the real-world impact of the budget on the everyday lives of the people of Rivers .

    He said in times of political uncertainty and emergency governance, government actions must not only be lawful, but also people centered.

    “We must ask, will this budget deliver improved roads, healthcare, education, safety, and
    livelihoods for the people, this, ultimately, is how we build trust in government and public institution like ours,” he said.

    The senate majority leader said the committee must work to restore and strengthen governance through its recommendations and sustained legislative vigilance.

    Bamidele said the structure of the 2025 Rivers budget clearly showed that more funds were budgeted for capital projects ,saying that N1.72 trillion was budgeted for capital expenditure alone.

    “This accounts for about 72.43 per cent of the total expenditure, also, a total sum of N408.412 billion is earmarked for recurrent expenditure, invariably accounting for 27.56 per cent of the aggregate spending” Bamidele said.

    Bamidele said that the National Assembly was committed to democratic tenets and would ensure governance is preserved stating that the committee remained committed to national development and institutional integrity.

  • What N54.99trn 2025 budget will do to Nigerians – Tinubu

    What N54.99trn 2025 budget will do to Nigerians – Tinubu

    President Bola Tinubu says the N54.99 trillion 2025 budget signed into law on Friday will empower Nigerians and build a resilient future.

    The President said this after signing the budget in a brief ceremony witnessed by Sen. Godswill Akpabio, President of the Senate, and other leaders of the National Assembly at the Presidential Villa, Abuja.

    “We reaffirm our commitment to securing the future, rebuilding prosperity and ensuring that every Nigerian shares in the dividends of governance.

    “The past year tested our resolve but through the economic discipline and strategic reforms, we achieved what many deemed impossible.

    “There is no dust in our faces and there are no tears on our cheeks. We worked together as brothers and sisters collaboratively.

    “After the initial turbulence, and the take-off was very cloudy and uncertain; today, we see light at the end of the tunnel,” said the President.

    He said there were signs of progress in the country, with GDP growth rebounding to 3.86 per cent and revenue increasing to N21.63 trillion.

    The President said the Naira rebounded reflecting the resilience of Nigerians: “We have reduced the deficit significantly from N6.2 in 2003 to N4.217 per cent.

    “The forex reform is working in the foreign exchange market. The minimum wage was raised and we are meeting all obligations.

    “I want to thank the National Assembly; everyone of them whether they participated in the review or not, we are building the same country.”

    Tinubu said the collaboration between the executive and legislature was making a difference, and that he was determined to move the country forward.

    “Today, I can smile that you have given the hope to our people. We can only promise to work harder,” Tinubu said.

  • BREAKING: Tinubu signs 2025 budget into law

    BREAKING: Tinubu signs 2025 budget into law

    President Bola Tinubu on Friday signed the N54.99 trillion 2025 Appropriation Bill into law at the State House, Abuja.

    The bill, which was passed by the National Assembly on Feb. 13, after increasing it from the initial N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the President’s office.

    The 2025 Appropriation Act represents a 99.96 per cent increase from the 2024 Budget of N27.5 trillion.

    The 2025 budget has a total expenditure component of ₦54.99 trillion, statutory transfers of ₦3.65 trillion and recurrent (Non-Debt) expenditure of ₦13.64 trillion.

    The capital expenditure component is ₦23.96 trillion, debt servicing of ₦14.32 trillion and deficit-to-GDP Ratio of 1.52 per cent.

    Sen. Godswill Akpabio, President of the Senate and other leaders of the National Assembly witnessed the signing of the budget.

  • Kaduna assembly approves N123.3bn LGAs budget

    Kaduna assembly approves N123.3bn LGAs budget

    The Kaduna State House of Assembly on Tuesday approved the sum of N123.3 billion as the 2025 budget for the 23 local government councils in the state.

    The house made the approval after the Chairman, House Committee on Appropriations and Implementation, Yunusa Shehu, presented a report on a Bill for a Law to make Appropriations Funds for the local government councils.

    The local governments’ chairmen had participated in a budget defence exercise recently in which they proposed a total budget of N115.9 billion.

    This entails N64.4 billion for recurrent provision,N45.2 billion for personnel cost, N20.2 billion overhead cost and N50.5 billion for capital expenditures.

    The budget was however amended by the committee after a critical study and harmonisation.

    Shehu stated that the proposed budget was amended and increased by the sum of N7.42 billion, making a total of N123.3 billion.

    He explained that N67.9 billion was earmarked for recurrent provision, N46.1billion for personnel cost, N21.8 as overhead cost and N55.4 for capital provision.

    Shehu said, “We had a budget defence in which we found out that there are LGAs that needed adjustment for their budget size.

    “After going through it ,we sat down as a committee with representative of the ministry to harmonise the budget  and come out with a figure that will be applicable for the 23 LGAs.”

    He explained that the recurrent provision was 60 per cent while capital was 40 per cent.

  • Senate, HoR pass N54.9trn 2025 Appropriation Bill

    Senate, HoR pass N54.9trn 2025 Appropriation Bill

    The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill. This followed the adoption of the report of the Committee on Appropriations on the bill. The report was presented by Chairman of the Committee, Sen. Solomon Adeola (APC-Ogun).

    Highlights of the passed 2025 appropriation bill indicates an aggregate expenditure of N54.9 trillion, statutory transfers of N3.6 trillion, with recurrent expenditure put at N13.6 trillion.

    While the sum of N23.9 trillion was earmarked for capital expenditure, debt servicing was put at N14.3 trillion, fiscal deficit N13.8 trillion, while 1.52 per cent was approved as deficit and GDP.

    Olamilekan, while presenting the report, said that the senate debated the general principles of the bill on Dec. 19, 2024.

    This, he said, had resulted in the second reading of the bill after which it was referred to his committee for further legislative action.

    The senator said that the initial proposal of the executive was N49.7 trillion.

    He, however, said while processing the bill, the joint committee on appropriations met the president’s economic team to discuss the revenue projection and expenditure of the appropriation bill.

    “After series of meetings, the Committee on Finance, in conjunction with our committee, sourced for additional revenue from some revenue-generating agencies,” he said.

    Adeola said that the additional fund was made possible because of the increase in revenue by some of the revenue-generating agencies.

    He further stated that some agencies of government provided funds to take care of critical needs.

    The lawmaker said that the upward review of the budget from N49.7 trillion to N54.9 trillion was to cater for the difference between the details and the bill, procurement of vaccines and additional funding to some government agencies.

    “The joint committee worked harmoniously with the leadership of the National Assembly and the executive arm of government in the processing of the bill.

    “This ensured maximum collaboration of the two arms in the utilisation of additional revenue projection.

    ”This is to improve the funding of some critical projects which could not be adequately funded in the budget proposal earlier submitted by Mr President due to funding constraints,” he said.

    Adeola said that the 2025 appropriation bill was presented late as against the 2024 appropriation bill.

    He urged the executive to present the budget to national assembly not later than three months before the beginning of the next financial year.

    “This will help return the country to the January-December budget circle,” he said.

    JUST IN: HoR endorses N54.99 trillion budget for 2025

    Similarly, the House of Representatives, during Thursday’s plenary session, endorsed the 2025 budget totaling N54.99 trillion.

    Chairman of the Appropriations Committee, Rep. Abubakar Kabir Abubakar, presented the committee’s report for the House’s consideration, leading to its adoption.

    He said: “That the House do consider the Report of the Committee on Appropriations a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only, of which N3,645,761,358,925 (Three Trillion, Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers N14,317.142,689,548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira) only is for Debt Service, N13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N23,963, 251,624,250 (Twenty-Three Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and Fifty-One Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the |Development Fund for Capital Expenditure for the year ending on the 31 December, 2025 (HB. 2021) and approve recommendations therein”.

    On December 18, 2024, the House received the committee’s report on the 2025 Appropriation Bill. The following day, December 19, 2024, lawmakers conducted a clause-by-clause review of the bill, which contains 12 clauses, outlined as follows:

    Embassies shall constitute their Tender Board as in a Parastatal’s Tenders Board (PTB) within the requisite threshold in compliance with the extant Executive Circular and the Provisions of the Public Procurement Act.

    “11. Detailed estimate: The detailed estimates of expenditure are set out in the Second Schedule to this Bill.

    “12. Expiry Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when asented to.

    “Short Title: This Bill may be cited as the Appropriation Bill, 2025”.

    The House convened in the Committee of Supply, with Speaker Tajudeen Abbas overseeing the review of budgetary allocations.

    During deliberations, Rep. Chinedu Ogar noted the absence of funding for light rail projects in the South East. In response, the Speaker assured that the matter would be brought to the President’s attention and could be addressed through a supplementary budget.

    The estimates of expenditure are set out in the Second Schedule to this Bill.

    “12. Expiry Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when assented to..

    “Short Title: This Bill may be cited as the Appropriation Bill, 2025”.

    The House convened in the Committee of Supply, with Speaker Tajudeen Abbas overseeing the review of budgetary allocations.

    During deliberations, Rep. Chinedu Ogar noted the absence of funding for light rail projects in the South East. In response, the Speaker assured that the matter would be brought to the President’s attention and could be addressed through a supplementary budget.

    Following this, the House resumed plenary, where Majority Leader Rep. Julius Ihonbvere moved for the adoption of the report as a working document. The motion received unanimous approval, leading to the final reading and passage of the 2025 Appropriation Bill.

  • Senate to receive 2025 budget report for final consideration

    Senate to receive 2025 budget report for final consideration

    The President of the Senate, Godswill Akpabio, has announced that the budget defense report for the N54.2 trillion 2025 budget will be presented to the Senate in plenary.

    He confirmed that members of the Committee on Appropriations will present the report either Wednesday or Thursday this week.

    Akpabio made this statement on Tuesday during plenary, following a debate on a bill to establish a Federal University of Agriculture in Abak, Akwa Ibom State.

    He emphasised the urgency of concluding the debate on the 2025 budget.

    “You will observe that some of our colleagues are not in the chamber because of the required final touches on the 2025 Appropriation Bill report, which will be laid before us tomorrow, Wednesday, or Thursday this week.

    “We need to close early to allow for collective efforts in that direction for final consideration and passage of the 2025 Appropriation Bill,” he stated.

    Earlier in the session, the Senate passed five bills for first reading.

    The bills included the Constitution of the Federal Republic of Nigeria (1999 as amended) Alteration Bill 2025, the Armed Forces Act Amendment Bill 2025, and the Federal Medical Centres Act Amendment Bill 2025, among others.

    Additionally, the Senate passed for second reading a bill to amend the Federal University of Agriculture Act, aiming to establish the Federal University of Agriculture in Abak, Akwa Ibom.

    After the second reading, the bill was referred to the Committee on Agriculture for further legislative input and expected to be reported back within three weeks.

  • Reps back Tinubu’s proposed 2025 budget increase

    Reps back Tinubu’s proposed 2025 budget increase

    The House of Representatives has pledged to prioritise the interest of all Nigerians in increasing the 2025 budget from N49.7 trillion to N54.2 trillion.

    Deputy Spokesperson for the house, Rep. Philip Agbese (APC-Benue), said this in an interview with newsmen in Abuja on Friday.

    President Bola Tinubu had, in December 2024, presented the 2025 budget of 49.7 trillion to the joint sitting of the National Assembly for consideration.

    However, in a letter addressed to both chambers of the national assembly on Wednesday, the president requested that the budget be increased to N54.2 trillion.

    Agbese said that the house was in support of the  proposal to increase the 2025 budget, stating that the development was driven by additional revenue from key government agencies.

    He said that in scrutinising the budget, the house would be guided by its commitment to ensuring that every naira allocated was utilised in the best interest of the common man.

    According to him, this bold move, driven by additional revenue from key government agencies, demonstrates the Tinubu-led administration’s commitment to revitalising the economy and improving the lives of Nigerians.

    He assured Nigerians that the house would go the whole distance to ensure implementation of a value-for-money budget in the 2025 fiscal year.

    “As we begin our scrutiny of the proposal, we will continue to be guided by our commitment to ensuring that every naira is allocated efficiently, effectively and in the best interests of Nigerians.

    “As we delve into the details of the proposal, we are particularly encouraged by the focus on strategic sectors, such as agriculture, which will receive a significant boost through the injection of funds into the Bank of Agriculture.

    “This initiative has the potential to empower our farmers, stimulate rural development and enhance food security.

    “We also noted the proposal’s emphasis on enhancing national security, particularly the construction of barracks for our troops.

    “This investment in our military’s welfare and infrastructure attests to the administration’s dedication to protecting our nation and its citizens,” he stated.

    Agbese said that both chambers of the national assembly would debate the budget estimates in the weeks ahead, preparatory to its passage before the end of the month.

  • Reps ‘ll prioritise Nigerians’ interest in increasing 2025 budget to N54.2trn – Agbese

    Reps ‘ll prioritise Nigerians’ interest in increasing 2025 budget to N54.2trn – Agbese

    The House of Representatives has pledged to prioritise the interest of all Nigerians in increasing the 2025 budget from N49.7 trillion to N54.2 trillion.

    Deputy Spokesperson for the house, Rep. Philip Agbese (APC-Benue), said this in an interview with newsmen in Abuja on Friday.

    NAN that President Bola Tinubu had, in December 2024, presented the 2025 budget of 49.7 trillion to the joint sitting of the National Assembly for consideration.

    However, in a letter addressed to both chambers of the national assembly on Wednesday, the president requested that the budget be increased to N54.2 trillion.

    Agbese said that the house was in support of the  proposal to increase the 2025 budget, stating that the development was driven by additional revenue from key government agencies.

    He said that in scrutinising the budget, the house would be guided by its commitment to ensuring that every naira allocated was utilised in the best interest of the common man.

    According to him, this bold move, driven by additional revenue from key government agencies, demonstrates the Tinubu-led administration’s commitment to revitalising the economy and improving the lives of Nigerians.

    He assured Nigerians that the house would go the whole distance to ensure implementation of a value-for-money budget in the 2025 fiscal year.

    “As we begin our scrutiny of the proposal, we will continue to be guided by our commitment to ensuring that every naira is allocated efficiently, effectively and in the best interests of Nigerians.

    “As we delve into the details of the proposal, we are particularly encouraged by the focus on strategic sectors, such as agriculture, which will receive a significant boost through the injection of funds into the Bank of Agriculture.

    “This initiative has the potential to empower our farmers, stimulate rural development and enhance food security.

    “We also noted the proposal’s emphasis on enhancing national security, particularly the construction of barracks for our troops.

    “This investment in our military’s welfare and infrastructure attests to the administration’s dedication to protecting our nation and its citizens,” he stated.

    Agbese said that both chambers of the national assembly would debate the budget estimates in the weeks ahead, preparatory to its passage before the end of the month.