The National Assembly has extended the implementation of the 2024 budget by six months.
Senate President Godswill Akpabio said on Wednesday during the 2025 Budget presentation by President Bola Tinubu.
“We shall continue on the part of nationalism and service to our country,” Akpabio said before a joint sitting of the Senate and the House of Representatives.
“Your Excellency, we have noted the 2024 Budget performance.
“Given this great achievement, we have deemed it necessary to extend the life span of the 2024 Budget to June 30th, 2025.
“The enabling law for this extension will soon be placed before you for your assent as a testament to our appreciation for the great performance of the budget, ensuring that we build upon your momentum,” Akpabio said.
See the full speech below;
“Your Excellency, your leadership shines like a beacon of hope, illuminating our path forward in these challenging times. As you profoundly stated, “A nation is built not merely by the bricks and mortar of its structures but by the resilience and determination of its people.” This truth resonates deeply, reminding us that it is the spirit of our citizens that defines our nation, not just the edifices we construct.
“Under your administration, we have witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth. The courageous decision to remove fuel subsidies, though challenging, showcases your unwavering commitment to redirecting resources to critical sectors such as education and healthcare. Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.
“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time. We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror. Today, no community is under the threat of terrorism, a monumental achievement we celebrate together. The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination.
‘Your dedication to fostering international relations paves the way for fruitful partnerships that will propel our nation forward. We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians traveling to other countries, and at the same time welcome investors and tourists alike to our country. Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.
“The introduction of social welfare programs embodies your unwavering belief in uplifting the living standards of our citizens. You remind us that our nation is not merely constructed of bricks and mortar, but of the resilience and determination of its people.
“Nigerians are taking notice of your remarkable achievements: you have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative. Your administration has processed over 45.6 billion Naira for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states.
“Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape. It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians. These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.
“Notably, your infrastructure renaissance has paved the way for many roads, including the Coastal Road and crucial arteries in Abuja Capital City and other parts of our dear country. These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.
“This is why the relationship between the Executive Arm and the Legislative Arm is built on trust, faith, and unwavering patriotism. You have demonstrated, through your actions, words and demeanor, that you are deserving of our trust and the public’s trust. Together, we shall continue on the path of nationalism and service, ever mindful of our duty to the good people we represent.
“Your Excellency, we have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively. Given these great achievements, we have deemed it necessary to extend the live of the 2024 budget to June 30, 2025. The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.
“We commend your steadfast commitment to collaborate, cooperate, and work with the National Assembly to achieve your grand vision for Nigeria. However, let me take this opportunity to stress the importance of the Honourable Ministers and Heads of Extraministerial Departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the excercise of our legislative oversight. We have observed concerning behavior from some ministers and heads of extraministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant Committees of the legislature. It is imperative they understand that we will not condone such breaches of the Constitution going forward.
“To my compatriots, I acknowledge that it is not yet uhuru. However, we are light-years away from where we began, though some rivers remain to be crossed.
“The pains we feel are not merely the pains of hardship; they are the pains of childbirth. When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured. For now, I ask for your patience and urge all Nigerians to cooperate with the President and maintain faith in his vision.
“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the Distinguished Senators and Honourable Members of the House of Representatives, are your eyes in our constituencies and every corner of Nigeria. When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us. Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signaling the dawn of Nigeria’s economic rebirth.
“Let us take a moment to commend the tireless dedication of each member of this esteemed Senate and House of Representatives. Your steadast commitment to the welfare of our people and the advancement of our nation is a testament to the enduring spirit of Nigeria. Your love and support for the Executive Arm in fulfilling its pledge to the Nigerian people make this 10th National Assembly a beacon of patriotism, altruism, and selfless ambition.
“In this moment, let us embrace the inspiring words of President Tinubu: “Together, we will build a Nigeria that we can all be proud of.” Let us march forward, united in purpose and unwavering in resolve, as we craft a future that reflects the very best of who we are—a nation of resilience, a nation of hope, a nation of greatness.
“On behalf of my colleagues, I assure Your Excellency of a swift evaluation of the 2025 Appropriation Bills. As expected, we will ensure that due process is followed in passing these bills.
We will do what is right and justifiable, conducting public hearings to ensure that the voices of Nigerians resonate within the budget, for all budgets belong to the people. If public sentiment necessitates adjustments to specific allocations, we will respond accordingly, ensuring that such actions are not misconstrued as padding.”
