By Nathaniel Zacchaeus, Abuja
The Senate has projected N100trn aggregate expenditure for the 2026 fiscal year.
The federal parliament is currently considering the N49.7trn 2025 Appropriation Bill that President Bola Tinubu submitted to the joint session of the two chambers of the federal parliament in December last year.
The chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (APC, Ogun-West), disclosed this yesterday.
He spoke during a Stakeholder Public Hearing and Interactive Session on the 2025 Appropriation Bill, which had the theme “The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The session had in attendance the governor of Kaduna State, Uba Sani, professional bodies, non-governmental organizations, and heads of critical economic agencies of the federal government.
Adeola said that the National Assembly was working to shore up the Federal Government’s revenue by freeing some held hostage by organizations, including the Nigerian National Petroleum Corporation (NNPCL).
He said, “In the past, we borrowed money to stabilise the naira so that the exchange rate could be reasonable and we would not be threatened. We are borrowing to stabilise the naira. CBN is doing a lot of things behind the scenes.
“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 operating that free economy, which throws everything to the table. No more subsidy, exchange rate difference, or electricity tariff.
“By doing what we are trying to do, this N49.7trn 2025 budget you are seeing will maybe have doubled by next year because by then, a lot of our revenue still needs to be freed.
“Needs of revenue has been held hostage by no other person than organisations like the NNPCL. The NNPCL still believes that some subsidy elements are being treated as operational expenses in their documents, which 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 we are gathered here, we will start having a minimum budget of about N100trn. So, we are walking around the clock, especially on this side of the divide, to ensure we shore up our revenue.
“We are not doing well regarding our budgetary provision and everything. Funding the budget is somehow a struggle.
“We found out that we projected revenue of specific 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.
“So, this current administration is noting all this and working around the clock. As I said, I can tell you that by next year, we will have a budget that will double the one we have today. So I can assure you we are working.”
The Senate President and Chairman of the National Assembly, Senator Godswill Akpabio, urged his colleagues and other critical stakeholders in the country to make the 2025 Budget a living document that prioritises the welfare of Nigerians.
He 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. 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 the National Assembly could successfully craft a budget that meets immediate needs and builds a resilient and inclusive economy for generations to come through the collaborative efforts of the government, private sector, and citizens.
Meanwhile, the Bureau of Public Procurement said it had saved Nigeria N1.9trn from contract fraud over the years.
The agency’s director-general, Dr Adebowale Adedokun, stated this during the budget defence session with the Senate Committee on Public Procurement.
The BPP Boss said the agency, set up 17 years ago, precisely on June 14, 2007, remained a key stakeholder in the war against corruption in the country, especially contract awards, inflation, and diversion.
He said, “The BPP has been changing the landscape of public procurement in Nigeria for the past 17 years by ensuring transparency, fairness, and efficiency in contract awards and execution.
“The BPP has been saving the country from losing at least N40bn annually due to inflation, diversion of public funds, and poor service delivery.
“Records from our price intelligence unit indicate that the total amount prevented from being diverted to personal pockets from contract awards is N1.9trn.
“BPP has over the years been significantly contributing to increasing revenue generation by the relevant agencies like the Federal Inland Revenue Service (FIRS) and Nigeria Pension Commission (PENCOM), among others.
He, however, lamented to the committee that while BPP proposed N63.5bn as the capital vote for 2025, the budget office gave it N1.57bn envelope.
According to him, the paltry sum will not help solve the accommodation problem facing bureau staff, replace moribund project monitoring vehicles bought since 2008, or execute the e-procurement programme that is in the pipeline.
