The budget was passed during plenary after various deliberations on the general principles of the bill by senators who applauded President Bola Tinubu for his good intentions for the country.

The budget was later referred to the Committee on Appropriations after being put to a voice vote by the Senate President, Godswill Akpabio, who presided over the session.

The Committee on Appropriations is chaired by Senator Solomon Adeola.

Tinubu had on Wednesday presented the 2025 Budget of Restoration to a joint session of the National Assembly, targeting peace and prosperity with a revenue projection of ₦34.82tn to fund the aggregate expenditure of ₦47.9tn.

Read Also: Tinubu Presents N47.9tn 2025 Budget Proposal To NASS

In the proposed budget, which has a deficit of ₦13.0tn, Tinubu earmarked ₦4.91tn for Defence and Security, ₦4.06tn for Infrastructure, ₦3.5tn for Education, and ₦2.48tn for Health.

The President, in his budget speech, also disclosed that ₦15.81tn is allocated for debt servicing, with salient parameters including 2.06 million barrels of oil production per day, an exchange rate of ₦1,500 to a US dollar, and an inflation rate of 15%, down from the current 34.6%.

He informed federal lawmakers that a series of economic reforms being carried out by his government are yielding positive results, saying, the economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023.

The post Senate passes 2025 budget for second reading appeared first on Afinju FM.