The Speaker of the House of Representatives, Tajudeen Abbas, has lauded President Bola Ahmed Tinubu’s bold economic reforms aimed at repositioning Nigeria. Speaking during the presentation of the 2025 Budget to a joint session of the National Assembly on Wednesday, Abbas noted that these transformative measures have disrupted entrenched interests, sparking resistance, but remain essential for the nation’s progress.
Highlighting the administration’s commitment to fiscal restructuring, Abbas pointed to the removal of fuel subsidies, the unification of foreign exchange rates, and the introduction of innovative policies as cornerstones of the government’s reform agenda. “While these reforms have demanded short-term sacrifices, they reflect acts of courage and patriotism,” Abbas said.
He emphasized that Nigeria’s fiscal realities require a deeper introspection, citing the country’s relatively modest $36.7 billion budget for 2024 despite a population of over 220 million people. This, he compared with South Africa’s $160 billion budget for 60 million citizens, Egypt’s $110 billion for 110 million, and Morocco’s $50 billion for 37 million people.
“Nigeria’s tax-to-GDP ratio of 10.9 percent is among the lowest in Africa, far below the continental average of 15.6 percent,” Abbas stated, urging comprehensive tax reforms to expand the tax base, improve compliance, and reduce reliance on borrowing.
Abbas commended the proposed 2025 budget of N49.7 trillion, describing the economic projections as “bold but achievable.” Key highlights include an estimated GDP growth of 4.6 percent, crude oil production of 2.06 million barrels per day, an exchange rate of N1,400 to the dollar, and a benchmark oil price of $75 per barrel.
While acknowledging challenges such as inflation, which rose to 33.88 percent in October, and escalating food and energy costs, Abbas noted positive developments. He cited GDP growth of 3.46 percent in the third quarter of 2024, driven by the services sector, and agriculture’s consistent contribution to nominal GDP, despite the impact of climate change and insecurity.
The Speaker also praised Tinubu’s international engagements, including agreements secured during his 2024 visits to China, France, and Brazil, which are expected to bolster Nigeria’s infrastructure, agriculture, and digital literacy while enhancing bilateral relations.
Abbas assured the President of the National Assembly’s commitment to supporting the reforms through legislative backing and robust oversight. “This is not merely your budget; it is a national project requiring collaboration across all arms of government,” he said, calling on Nigerians to remain resilient and united.
Reps Praise 2025 Budget Projections
Members of the House of Representatives expressed satisfaction with the N49.7 trillion 2025 Appropriation Bill, describing it as a significant improvement on the previous year’s budget.
Rep. Benson Babajimi, Chair of the House Committee on Defence, praised the budget’s focus on infrastructure, security, health, and education. “This is an ambitious and reform-driven budget. It reflects the President’s bold vision for connecting Nigeria through rail and road projects,” Babajimi said.
However, concerns were raised by Rep. Abubakar Fulata over the N15 trillion allocated for debt servicing, which he described as worrisome. Rep. Idem Unyime also cautioned that the January-to-December budget cycle may not be feasible, given the legislative calendar.
Despite these concerns, lawmakers pledged to work toward the timely passage of the budget, with an emphasis on transparency and efficient implementation.
