By Dipo Olowookere

The 2025 budget of N49.7 trillion presented to a joint session of the National Assembly by President Bola Tinubu on Wednesday scaled the second reading at the Senate on Thursday.

The 2025 Appropriation Bill christened Restoration Budget was passed and referred to the Senate Committee on Appropriation headed by Mr Olamilekan Adeola.

This stage will allow for the committee to scrutinise the budget by inviting the different ministries, departments and agencies under the federal government to defend their spending proposals for the fiscal year.

Business Post reports that the Senate President, Mr Godswill Akpabio, who presided over the plenary today, directed the committee to report back to the Senate within four weeks and then adjourned the plenary till January 14.

During debates on the 2025 Appropriation Bill on Thursday at the upper chamber of the parliament, the Deputy Senate President, Mr Barau Jibrin, expressed optimism on the budget, saying it would boost investor confidence, especially because of the attention given to insecurity.

“We all know the problems we are facing in terms of insecurity. Now, the government has taken steps to deal with it frontally. This is why defence and security got the highest allocation of N4.91 trillion. It shows the readiness of the government to deal with the problem of insecurity once and for all.

“What do you need after tackling insecurity? For a country that creates that environment of peace, what goes next is, of course, making a developing environment for the economy to thrive and for business – the private sector to thrive,” he stated.

On his part, the Senate Leader, Mr Opeyemi Bamidele, said, “The 2025 budget has seen a significant increase of 74.18 per cent, reaching N47.9 trillion in nominal terms, signalling a bold fiscal strategy aimed at addressing persistent infrastructure gaps and development challenges.

“However, in dollar terms, the budget contracted by 23.22 per cent, dropping from $36.7 billion in 2024 to $28.18 billion in 2025. This reduction in real value limits the potential impact of the budget on economic growth and the population’s well-being.”

He stated that the 2025 Appropriation Bill would “consolidate the key policies instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again, and ultimately increase the competitiveness of our economy.”

In the 2025 fiscal year, Mr Tinubu projected a revenue of N34.82 trillion, with the N13.0 trillion deficit to be financed from fresh borrowings.

Next year, the government intends to use N15.81 trillion for debt servicing, with crude oil production at 2.06 million barrels per day, an exchange rate of N1,500/$1, and an inflation rate of 15 per cent.

According to the President, “These projections are based on the following observations: (i) Reduced importation of petroleum products alongside increased export of finished petroleum products, (ii) Bumper harvests, driven by enhanced security, reducing reliance on food imports, (iii) Increased foreign exchange inflows through Foreign Portfolio Investments, and (iv) Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.”

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has called for budget implementation, saying it will be the core driver of the nation’s path to recovery.

The LCCI Director-General, Mrs Chinyere Almona, said this on Thursday in Lagos, in reaction to the 2025 budget proposal which was presented by President Bola Tinubu to the joint session of the National Assembly on Wednesday in Abuja.

She said, “Beyond the figures and assumptions, budget implementation is the key performance driver.”

“The 2024 budget implementation cycle extension to June 2025 should be closely watched to avoid such in the future as it can signal weak budget execution.

“We call on the National Assembly to expedite action on the appropriation debates.

“We are concerned that much-needed scrutiny and consultations on the budget may not be possible if the January-December budget cycle is to be maintained,” she said.

President Tinubu revealed that in 2025, the country was targeting N34.82 trillion in revenue to fund the country’s projected expenditure of N47.90 trillion, including N15.81 trillion for debt servicing.

According to Mrs Almona, to achieve this, accelerating tax reforms, simplifying processes, and incorporating the informal sector were essential.

She also drummed the urgency of improving Nigeria’s tax-to-gross domestic product (GDP) ratio, to meet the ambitious N34.82 trillion revenue projection.

She said that the country must leverage technology to expand the tax net, minimise leakages, and foster

“Fiscal discipline must complement these efforts to effectively manage the N15.81 trillion debt servicing allocation.

“Nigeria must prioritise high-impact, self-sustaining projects and explore alternative funding mechanisms, such as public-private partnerships, to keep debts within sustainable limits.

“Structural reforms are indispensable to reducing inflation to 15 per cent and stabilising the exchange rate at N1,500 to the dollar, ”she said.

She said that addressing food and energy supply chain bottlenecks, fast-tracking local petroleum production projects, and fostering alignment between monetary and fiscal policies would restore confidence in the Naira and ease inflationary pressures.

“Achieving the ambitious oil production target of 2.06 million barrels daily requires decisive action to resolve pipeline vandalism, theft, and underinvestment.

“Across the three streams of operations in the oil and gas industry, a sound regulatory environment can boost activities and investments in the short term,” she said.

Addressing the priorities of the budget, Almona lauded Tinubu’s attention to security, infrastructure, education, health, and agriculture, to achieve macroeconomic stability and inclusive growth.

The LCCI head said that the allocation of N4.91 trillion for defence was commendable compared to previous allocations.

She, however, said that the funding must be complemented with enhanced intelligence, surveillance technology, and simultaneous investment in poverty reduction and youth empowerment.

Mrs Almona said that the N4.06 trillion earmarked for infrastructure and significant allocations for education and health called for swift and transparent project execution.

According to her, while the budget outlines bold goals, these aspirations hinge on robust policy implementation, sustained execution, and coherence across government strategies.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed in negative territory on Wednesday, December 18 after it gave up 0.68 per cent at the close of trading activities.

The loss was influenced by the decline in the share price of FrieslandCampina Wamco Nigeria Plc by N4.00 to close the day at N40.00 per unit, in contrast to the preceding day’s N44.00 per unit.

Consequently, the NASD Unlisted Security Index (NSI) went down by 20.50 points to settle at 3,003.30 points compared with the previous session’s 3,023.80 points and the market capitalisation of the bourse decreased by N7.03 billion to close at N1.029 trillion versus Tuesday’s closing value of  N1.036 trillion.

Business Post reports that during the midweek trading day, the alternative stock exchange recorded a price gainer and it was Nipco Plc, which improved its value by N4.20 to settle at N136.46 per share compared with the previous day’s N132.30 per share.

Yesterday, the volume of securities traded at the bourse depreciated by 88.9 per cent to 59,624 units from 540,503 units, and the value of shares traded by the market participants shrank by 84.4 per cent to N4.6 million from the N29.4 million achieved a day earlier, while the number of deals increased by 66.7 per cent to 25 deals from 15 deals.

Geo-Fluids Plc remained the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units valued at N3.9 billion, as the second spot was picked by Okitipupa Plc with the sale of 752.2 million units for N7.8 billion, and the third position occupied by Afriland Properties Plc with 297.7 million units worth N5.3 million.

Also, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with a turnover of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.7 million units sold for N5.3 billion.