The Senate passed the N49.7 trillion 2025 budget for a second reading during plenary on Thursday, following a number of discussions on the bill’s general principles by senators who praised President Bola Tinubu for his good intentions for the nation.
The Senate President, Godswill Akpabio, presided over the session and put the budget to a voice vote before referring it to the Committee on Appropriations, which is chaired by Senator Solomon Adeola.
Tinubu presented the 2025 Restoration Budget to a joint session of the National Assembly on Wednesday.
The budget according to the president aims for peace and prosperity, with a revenue estimate of ₦34.82 trillion to pay ₦47.9 trillion in total expenditure.
Tinubu’s proposed budget, with a deficit of ₦13.0tn, allocates ₦4.91tn for defense and security, ₦4.06tn for infrastructure, ₦3.5tn for education, and ₦2.48tn for health.
In his budget speech, the President stated that ₦15.81 trillion is allocated for debt servicing. Key factors include 2.06 million barrels of oil production per day, an exchange rate of ₦1,500 to a US dollar, and a 15% inflation rate, down from the current 34.6%.
He said, “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.
