Senate To Begin ₦49.7tn Budget Defence, Sets Jan 31 For Passage

The Nigerian Senate has announced its readiness to commence the defense of the 2025 budget, with a total expenditure of ₦49.7 trillion. The budget, which was presented to the National Assembly by President Bola Tinubu in October 2024, is expected to be thoroughly scrutinized by the Senate to ensure that it aligns with the country's economic priorities.

According to the Senate President, Godswill Akpabio, the budget defense process will begin immediately, with a view to passing the budget by January 31, 2025. This deadline is seen as crucial, as it will enable the government to implement its economic plans and programs for the year without any delays.

"The Senate is committed to ensuring that the budget is thoroughly examined and debated, to ensure that it meets the needs and aspirations of Nigerians," Akpabio said in a statement. "We will work closely with the Executive arm of government, as well as other stakeholders, to ensure that the budget is passed in a timely manner."

The ₦49.7 trillion budget is the largest in Nigeria's history, and it is expected to have a significant impact on the country's economy. The budget allocates ₦13.4 trillion for capital expenditure, ₦8.3 trillion for recurrent expenditure, and ₦28 trillion for debt servicing.

The Senate's defense of the budget will involve a thorough review of the allocations and expenditures, to ensure that every naira is accounted for and utilized effectively. The Senate will also engage with Ministries, Departments, and Agencies (MDAs) to assess their budget performance and identify areas of improvement.

The passage of the budget by January 31 is seen as a critical milestone, as it will enable the government to implement its economic plans and programs for the year. The budget is expected to have a significant impact on the country's economy, and its passage will be closely watched by investors, businesses, and citizens.

https://www.channelstv.com/2025/01/06/senate-to-begin-%e2%82%a649-7tn-budget-defence-sets-jan-31-for-passage/