2025 Budget: Akpabio commends Tinubu for doubling government revenue

The President of the Senate, Sen. Godswill Akpabio, has commended President Bola Tinubu for doubling aggregate government revenues to over N18.32 trillion.

Akpabio gave the commendation on Wednesday, when Tinubu presented the 2025 Appropriation Bill before a Joint Session of the National Assembly.

It was reported that the 2025 Budget of N47.9 trillion is themed: “Budget of Restoration, Securing Peace and Building Prosperity”.

In his welcome speech entitled, “A Call to Unity and Progress”, Akpabio said: “Nigerians are taking notice of your remarkable achievements.

“You have doubled aggregate government revenues to over N18.32 trillion, reduced debt servicing expenditures from 97 per cent to 68 per cent, fulfilled $7.5 billion in foreign exchange obligations.

“You have increased oil production to 1.8 million barrels per day and launched the Compressed Natural Gas initiative.

“Your administration has processed over N45.6 billion for student payments, signed the National Minimum Wage Law and raised the national minimum wage to N70,000 a month, while providing over N570 billion in financial support to the 36 states.

Akpabio also lauded Tinubu on his tax reform initiative.

“The four tax reform bills are 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.

“These 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,” he said.

He said that the initiative marked 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,” he said.

Akpabi also said the president’s infrastructure renaissance had paved the way for many roads, including the Coastal Road and crucial arteries in Abuja Capital City and other parts of the Nigeria.

“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.

Akpabio also said that “we have noted the 2024 budget performances of 50 per cent for capital expenditure and 48 per cent for recurrent expenditure respectively.

“Given these great achievements, we have deemed it necessary to extend the life 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,” he said.