The Senate is set to receive the report on the revised N54.2 trillion 2025 budget estimates today or tomorrow, according to Senate President, Godswill Akpabio.
Giving the indication, yesterday, while addressing the red chamber after the debate on a bill proposing the establishment of a Federal University of Agriculture in Abak, Akwa Ibom State, Akpabio emphasised the urgency of concluding other legislative matters to prioritise the budget’s finalisation.
The Senate also proposed a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
“You will observe that some of our colleagues are not in the chamber because of the required final touches on the 2025 Appropriation Bill, the report of which will be laid before us tomorrow (Wednesday) or Thursday,” Akpabio stated. “We need to close early to allow for collective efforts in that direction for final consideration and passage of the 2025 Appropriation Bill.”
The National Assembly had initially scheduled the passage of President Bola Tinubu’s proposed N49.7 trillion budget for January 31, 2025. However, this timeline was disrupted following an increase in the budget’s total expenditure profile to N54.2 trillion, communicated by Tinubu on February 4, 2025, the same day lawmakers resumed from their Christmas and New Year recess.
Both Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, acknowledged the need to reprocess the budget to incorporate the additional N4.5 trillion.
Akpabio had urged the Senate Committee on Appropriations to expedite the review process to ensure the budget’s passage by the end of February.
In line with this directive, he confirmed during yesterday’s plenary that the committee’s report on the adjusted N54.2 trillion budget would be presented this week.
The swift handling of the budget reflects the legislature’s commitment to maintaining fiscal timelines and ensuring the smooth operation of government activities for the 2025 fiscal year.
ACCORDING to the Senate, the initiative is to raise awareness among Nigerians and attract more investors to the market.
Chairman of the Senate Committee on Capital Market, Osita Izunaso, made this statement during the Securities and Exchange Commission (SEC) budget defence session in Abuja, yesterday.
Addressing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Izunaso said the capital market would play a huge role in the attainment of the $1 trillion economy as propagated by the President.
He said: “The capital market is doing well, but we need to do better to attract more investors. At present, participation is low, and I don’t think it is right. Also, the number of companies listed in the exchange is low compared to the companies that operate in this country.
“I believe we require special funds to finance literacy in the capital market. We need to do more to take our capital market to where it is supposed to be.
“You are going to get our letter to include a N10 billion special funding of capital market literacy in the 2025 budget. This will aid investor education and make our capital market blossom.”
Izunaso commended the minister for all the support he provided to SEC in repositioning the capital market, adding that the capital market needed to be encouraged to support economic development.
He assured that the Senate would continue to support the capital market to attain its full potential, adding that investor confidence is key to a vibrant market.
Edun remarked that “the country now has a more stable and conducive environment for investments” due to Tinubu’s key and timely decisive steps to grow the economy rapidly and lift millions out of poverty.
He disclosed that the stock market started the year on a good note, noting that as an indication of confidence and resilience of investors in the stock market.
The minister commended the National Assembly, regulators, participants and others for their support of the capital market.