By Gloria Ikibah
The House of Representatives has approved the 2025 budget proposal for a second reading, calling for better funding for security and agriculture.
During Thursday’s plenary, presided over by Speaker Tajudeen Abbas, lawmakers debated the N49.7 trillion budget presented by President Bola Tinubu.
The debate was sequel to the adoption of a motion moved by the House Leader, Rep. Julius Ihonvbere to authorize withdrawals from the Consolidated Revenue Fund.
Rep. Ihonvbere who called for support, emphasised that the budget addresses key national challenges, “This proposal focuses on issues affecting Nigerians. It deserves swift consideration and passage”.
The budget highlighted defence, infrastructure, and human capital development. Defence and security were allocated N4.91 trillion, infrastructure N4.06 trillion for key highways, while education and health sectors received N3.52 trillion and N2.48 trillion respectively. The budget projects N34.82 trillion in revenue, leaving a N13.39 trillion deficit to be financed through borrowing.
Key economic assumptions include reducing inflation from 34.6% to 15% and improving the naira exchange rate from N1,700/$ to N1,500/$. Oil production is targeted at 2.06 million barrels per day.
Lawmakers’ Contributions
Rep Abdussamad Dasuki, lawmaker representing Kebbe/Tambuwal federal constituency of Sokoto state, commended President Tinubu’s leadership but called for a review of budget estimates. He also criticized the allocation to the North-West Development Commission, questioning the criteria used.
“On paper, this budget looks robust, but in dollar terms, it falls short. The Finance Committee must address this,” he urged.
Rep Ismaila Dabo (Bauchi) emphasised the need for adequate funding for agriculture, citing rising food prices. He also urged the government to focus on revenue generation rather than excessive borrowing.
“Inflation on food is unbearable. Agriculture needs proper funding to ease the burden on Nigerians,” he said.
Rep Ahmad Jaha, representing Damboa/Gwoza/Chibok, Federal constituency of Borno state stressed the importance of security funding.
“Security is crucial to achieving other targets, including oil production. The N4.91 trillion allocated is inadequate,” he noted.
Rep Jeremiah Umaru from Nasarawa State, questioned the allocation to the South-West Development Commission (SWDC), even as he cited the absence of a constituted board and argued that the allocation was premature.
Deputy Chief Whip, Rep. George Ozodinobi advocated increased funding for the South-East Development Commission (SEDC).
“The allocation for the SEDC is insufficient for its take-off. More funding is needed,” he argued.
Concerns Over Projections
Minority Leader, Rep. Kingsley Chinda criticized the economic targets, and said that they are unrealistic.
“Reducing inflation to 15% and improving the exchange rate to N1,500/$ are overly ambitious. These projections do not align with current realities,” he stated.
Call for Peace Initiatives
Rep Chike Okafor from Imo state, urged the Federal Government to explore non-violent solutions to security challenges, including the release of Nnamdi Kanu.
“Releasing Kanu could aid peace efforts in the South-East,” he said.
The House adjourned plenary until January 14, 2025.