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By Tayo Busayo
'Seun Ibukun-Oni, Abuja
DAILY COURIER - The National Assembly on Thursday passed the ₦54.99 trillion 2025 Appropriation Bill, marking a significant step in Nigeria’s fiscal planning for the upcoming year. The bill, which was passed separately by the Senate and the House of Representatives, reflects a substantial increase from the initial ₦49.7 trillion proposal, following President Bola Tinubu’s revision to ₦54.2 trillion last week.
The budget breakdown reveals allocations of ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion for capital expenditure, with a fiscal deficit of ₦13.08 trillion. The Deficit-to-Gross Domestic Product (GDP) ratio stands at 1.52%, signaling cautious optimism about the nation’s economic stability.
During the plenary session, the Chairman of the House Committee on Appropriations, Abubakar Bichi, highlighted the collaborative efforts between the committee and the Presidential Economic Planning team to refine revenue projections and expenditure plans. However, he expressed concerns over the late presentation of the budget, urging the executive to adhere to a three-month submission deadline to maintain the January-December budget cycle.
Senate President criticizes single payment system
In a related development, Senate President Godswill Akpabio criticized the implementation of the single payment system, describing it as a major impediment to Nigeria’s economic progress. Speaking during Thursday’s plenary, Akpabio called for an immediate overhaul of the system, which requires over 700 Ministries, Departments, and Agencies (MDAs) to process payments through a centralized office.
Lawmakers have long argued that the policy has led to inefficiencies, delayed project completions, and eroded public trust, particularly in constituencies awaiting critical infrastructure projects. Akpabio emphasized that the system’s bottlenecks hinder economic operations and must be reformed to streamline processes and foster national development.
The passage of the 2025 budget and the Senate’s critique of the payment system underscore the need for both fiscal discipline and administrative efficiency. While the budget aims to address key economic priorities, the call for payment system reform highlights the broader challenges facing Nigeria’s governance and economic management.
As the nation looks ahead to 2025, stakeholders remain hopeful that these measures will pave the way for sustained growth and improved public service delivery.
