The Senate on Thursday projected a N100 trillion aggregate expenditure for the 2026 fiscal year.
This revelation came amid ongoing consideration of the N49.7trillion 2025 Appropriation Bill for passage by both chambers of the National Assembly
Solomon Ademola, chairman, Senate Committee on Appropriation, disclosed this in his closing remarks during a Stakeholders Interactive Session on the 2025 Appropriation Bill, aptly themed, ‘The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity.’
This is even as Godswill Akpabio, Senate president, urged his colleagues and other critical stakeholders in the country to make the 2025 budget a living document that prioritises the welfare of Nigerians.
Adeola said that the National Assembly is working to shore up the revenue of the federal government by freeing some of it held hostage by organisations, including the Nigerian National Petroleum Corporation (NNPCL).
Adeola said, “In the past, we borrowed money to stabilize the Naira, so that the exchange rate can be somehow good and that we are not being threatened.
“To stabilize the Naira, we are borrowing. CBN is doing a lot of things behind the scenes.”
He added, “But when this administration came, it said there is no need for that. If you recall, we are operating a free economy.
“We must be seen to be operating that free economy and it throws everything to the table. No more subsidy, no more exchange rate difference and no more electricity tariff.
“By so doing, what we are trying to do, this N49.7 trillion 2025 budget you are seeing, maybe by next year it will have doubled because by then, there are still a lot of our revenue that still need to be freed.”
He added, “A lot of revenue has been held hostage by no other person than organizations like the NNPCL who still believe that there are still some elements of subsidy that are being treated as an operational expense in their documents that they still need to wipe out for more revenue to be free and all other sundry items.
“By the time all this comes to pass, I can tell you maybe next time when we are gathered here, we will start having a budget of a minimum of about 100 trillion naira.
“So we are walking around the clock, especially on this side of the divide, to ensure that we shore up our revenue.”
Adeola further stated, “We are in consciousness of all of these, that we are not doing well in terms of our budgetary provision and everything. Even to fund the budget, is somehow a struggle.
“We found out that we projected revenue of certain amounts and at the end of the day we can’t meet the target.
“To bridge the gap, we have to go and borrow. So it will add more to the deficit you are seeing.”
“This current administration is noting all this and they are working around the clock and I can tell you as I said, by next year we will have a budget that will double this one you are, that we have today. So I can assure you we are working,” he further noted.
Akpabio, in his remarks before declaring the session open, said: “Together, we must ensure that this budget is not a mere ledger of revenue and expenditures but a living document that prioritizes the welfare of every Nigerian.
“This is not an ordinary assembly, and this is not an ordinary moment. For we are not gathered here merely as legislators, public servants, or citizens, but as custodians of Nigeria’s destiny, stewards of its promise, and architects of its future.
“Our beloved nation faces trials that would shake the resolve of lesser nations, but I am here to affirm, with unshakable conviction, that within every challenge lies the seed of opportunity.
“The task before us is formidable, but it is neither beyond our reach nor beneath our determination.”
Akpabio noted that with the collaborative efforts of the government, private sector, and citizens, the National Assembly could go far in crafting a budget that not only meets immediate needs but also builds a resilient and inclusive economy for generations to come.
“It demonstrates that governance is not a solitary endeavor but a collaborative mission.
“Let us, therefore, deliberate, in order to craft a budget that embodies the aspirations, struggles, and dreams of our people, a budget that restores faith, renews hope, rebuilds trust, and rekindles the promise of a brighter tomorrow.”
“Therefore, let it be known that the National Assembly stands resolute in its commitment to collaborate with the Executive to deliver a budget that is realistic, implementable, and reflective of our shared national priorities.
“We shall uphold the sacred principles of accountability, ensuring that every naira spent is a naira well invested in the prosperity of our people.
“No budget, no matter how meticulously crafted, can succeed without the active participation and ownership of the people.
“This budget is our collective responsibility. Its success depends not only on those in government but on every Nigerian—on our shared determination to demand transparency, embrace accountability, and ensure its faithful implementation,” the Senate President stated.
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