By Mercy Aikoye
The House of Representatives has passed the 2025 appropriation bill of N49.7 trillion for second reading. The bill, presented by President Bola Ahmed Tinubu, has been described as ambitious, with provisions for education, security, health, and infrastructure.
According to House Leader, Julius Ihonvbere, the budget demonstrates the government’s determination to refocus the Nigerian economy. Ihonvbere commended the President for admitting that Nigerians are going through tough times but expressed optimism that the country will soon see foreign investments.
The budget has allocated significant funds to various sectors, including education, security, health, and infrastructure. Ihonvbere applauded the government’s plan to reduce inflation to 15 percent, saying it’s achievable if all Nigerians contribute their quota.
Former Deputy Speaker of the House, Ahmed Idris Wase, emphasized the need for proper implementation and monitoring of the security budget. He stressed that this would help address the country’s security challenges.
Wase also called for the speedy passage of the budget to ensure that allocated funds are utilized effectively. He expressed concerns about the health sector, particularly in terms of funding and infrastructure.
Jeremiah Umoru questioned the criteria used in allocating funds to the South West Development Commission, whose board has not been constituted. He noted that the North Central and South South Development Commission, whose establishment bills are currently with the President, were left out.
Wale Hammed commended the President for his infrastructural drive, citing the Lagos to Calabar and Sokoto to Lagos road projects. He applauded the government for paying attention to the capital budget, which is almost at par with the recurrent expenditure.
Babajimi Benson emphasized the importance of adequate security in unlocking Nigeria’s potentials. He noted that the N4.9 trillion budgeted for the security sector does not include the potentials of the Defence Industries Corporation of Nigeria.
Minority leader of the House, Kingsley Chinda, described the budget as overly ambitious, despite the President’s optimism. He expressed concerns about the budget’s projections, stating that Nigerians must consider the indices on the ground.
Chinda questioned the plan to reduce inflation from 35 percent to 15 percent, calling it overly ambitious. He also expressed doubts about achieving food security in 2025, suggesting that 2026 might be a more realistic target.
The minority leader emphasized the need to expand revenue sources and tighten the tax net. He expressed concerns about the high deficit and the potential for Nigerians to go hungry in 2025.
Chinda warned that environmental sustainability must be properly taken care of in the budget. He noted that some members have called for increased allocation to the zonal development commissions.
The budget’s passage for second reading marks a significant step towards its approval. However, lawmakers have emphasized the need for careful consideration and implementation to ensure that the budget’s projections are realized.
The President’s economic reforms have been a subject of discussion among experts, with some praising his efforts to restructure the economy. The budget’s focus on education, security, health, and infrastructure is seen as a positive step towards economic growth.
