The President of the Senate, Senator Godswill Akpabio, has praised President Bola Tinubu for achieving remarkable strides in increasing Nigeria’s aggregate government revenues and advancing economic reforms.
Akpabio made these remarks on Wednesday during Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the National Assembly.
The 2025 budget, themed “Budget of Restoration, Securing Peace and Building Prosperity,” amounts to N47.9 trillion.
In his welcome address, titled “A Call to Unity and Progress,” Akpabio highlighted Tinubu’s accomplishments: “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, 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 commended the president’s tax reform efforts, describing them as groundbreaking. “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 noted that these reforms mark the first comprehensive tax overhaul since Nigeria’s independence and have the potential to revitalise small and medium enterprises, enhance citizens’ livelihoods, and improve Nigeria’s revenue profile.
“These reforms will create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development,” Akpabio added.
On infrastructure development, Akpabio lauded Tinubu’s efforts, highlighting projects like the Coastal Road and key arteries in the Abuja Capital City. “These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.”
Reflecting on the performance of the 2024 budget, Akpabio noted capital expenditure and recurrent expenditure performance rates of 50 per cent and 48 per cent, respectively. He added that the National Assembly has extended 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.
