The National Assembly has officially commenced deliberations on the proposed N49.7 trillion budget for the fiscal year 2025, following its presentation by President Bola Ahmed Tinubu on December 18, 2024. The budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” aims to address critical areas of economic growth, human capital development, and national security.
Senator Solomon Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, announced that a tentative deadline of January 31, 2025, has been set for the passage of the budget. This timeline will guide the legislative process as both chambers of the National Assembly prepare to review and finalize the budgetary allocations.
Upon resuming from the Christmas and New Year break on January 14, both the Senate and House of Representatives will temporarily suspend plenary sessions for two weeks to facilitate comprehensive budget defense sessions with various ministries, departments, and agencies (MDAs). The first day of these sessions is scheduled for January 8.
In a meeting held on January 6 with chairmen of standing committees in the Senate, Senator Adeola emphasized the urgency of the situation. He stated that reports from committees are expected to be submitted between January 15 and 18. Following this period, the Appropriation Committee will collate and finalize these reports for presentation to the Senate by the end of January.
Additionally, an open day for stakeholders has been scheduled for January 9 to allow input from various sectors beyond just MDAs. This engagement reflects a commitment to transparency and inclusiveness in the budgetary process.
Despite recognizing the tight timeline for deliberation, Senator Adeola expressed optimism regarding the timely passage of the budget. He noted that this year's budget represents a significant increase from previous years and is aimed at addressing pressing national challenges.