The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has called for a critical reflection on Nigeria’s fiscal realities as President Bola Ahmed Tinubu presented the 2025 Appropriation Bill to the National Assembly on Wednesday.
In his remarks, Speaker Abbas praised the Tinubu administration for implementing bold economic reforms over the past 18 months, including the removal of fuel subsidies, unification of foreign exchange rates, and introduction of innovative economic policies. He described these measures as courageous steps necessary to stabilize the economy and lay the groundwork for long-term growth.
“These reforms, though demanding short-term sacrifices, are acts of patriotism. History shows us that transformative progress often begins with difficult decisions,” the Speaker said, citing the successes of China, India, and South Korea as examples of how bold reforms can drive sustainable development.
The 2025 budget, valued at N49.7 trillion, represents a 35 percent increase from 2024 and is anchored on a GDP growth projection of 4.6 percent, a crude oil price benchmark of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day. Abbas commended the budget as ambitious yet achievable but urged deeper consideration of Nigeria’s fiscal challenges, particularly its modest budget compared to other African nations.
Despite being Africa’s most populous country with over 220 million people, Nigeria’s 2024 budget of $36.7 billion pales in comparison to South Africa’s $160 billion for 60 million citizens, Egypt’s $110 billion for 110 million people, and Algeria’s $60 billion for 45 million citizens.
Speaker Abbas emphasized the importance of prioritizing key sectors such as agriculture, infrastructure, education, healthcare, and security to drive national development. He also urged the government to effectively communicate its achievements to Nigerians to foster trust and unity.
Addressing the sacrifices endured by Nigerians due to recent reforms, Abbas called for resilience and unity.
“The removal of fuel subsidies, rising inflation, and adjustments to economic policies have created challenges. Yet, these sacrifices are necessary for building a stronger, self-reliant, and prosperous nation,” he said.
The Speaker assured President Tinubu of the National Assembly’s commitment to supporting the successful implementation of the 2025 budget. He pledged timely legislative approval, robust oversight, and collaboration to ensure transparency and efficiency in the budget’s execution.
