NASS Targets January 31 for Passage of Historic ₦49.7 Trillion 2025 Budget"

By Achimi Muktar

In a bid to uphold fiscal discipline and meet critical timelines, the National Assembly has set January 31, 2025, as the target date for the passage of the ₦49.7 trillion appropriation bill. This ambitious timeline follows President Bola Tinubu’s presentation of the budget to a joint session on December 18, 2024.

Senator Solomon Adeola, Chairman of the Senate Committee on Appropriations, revealed the timeline during a meeting in Abuja with chairmen of the Senate's standing committees. He emphasized that while the date remains tentative, it serves as a guide for the swift completion of the legislative process.

Accelerated Budget Defense and Stakeholder Input

To meet the deadline, the National Assembly plans to adopt an intensive work schedule upon resuming from the Christmas and New Year break on January 14. Plenary sessions will be suspended for two weeks to facilitate in-depth budget defense sessions with Ministries, Departments, and Agencies (MDAs).

Notably, January 9 has been designated as an open day, offering stakeholders beyond MDAs a platform to contribute to the budget's development. Senator Adeola outlined the timetable, highlighting critical milestones:

January 7: Budget defense sessions commence.

January 15-18: Committees submit their reports.

January 31: The final report is expected to be laid before the Senate.

Adeola stressed the importance of these deadlines, stating, “The January 31 timeline is designed to guide our work, ensuring a structured approach to budget deliberations.”

Leadership Commitment to Timely Passage

Principal officers of the Senate, including Deputy Leader Senator Lola Ashiru and Senate Whip Senator Tahir Monguno, acknowledged the tight schedule but expressed optimism about meeting the target.

The leadership emphasized the necessity of passing the budget on time to enable the government to implement its programs effectively and maintain the nation’s fiscal calendar.

Following the announcement, the committee entered a closed session with chairmen of various Senate standing committees to strategize on the budget's review and passage.

A Historic Budget in Focus

The ₦49.7 trillion budget, the largest in Nigeria's history, is pivotal for advancing President Tinubu's economic agenda and addressing pressing national priorities. Stakeholders and lawmakers alike are expected to work diligently to ensure the budget’s passage aligns with its January 31 target, setting the tone for a transformative 2025.

Stay tuned as this critical legislative process unfolds, shaping Nigeria's financial blueprint for the coming year.