Senate President Godswill Akpabio has made a bold commitment to ensure that every naira allocated in the 2025 budget directly benefits Nigerian citizens, setting a new tone for fiscal accountability during a crucial stakeholders’ session at the National Assembly in Abuja. The declaration comes amid growing scrutiny over public spending and concerns about revenue management by key government agencies.
Speaking at the public hearing on the Appropriation Bill, Akpabio characterized the 2025 fiscal policy, dubbed the “Budget of Restoration,” as a strategic tool designed to secure peace and ignite prosperity while building a more resilient nation. His remarks highlighted the extraordinary challenges facing Nigeria, framing them as opportunities for transformative change rather than insurmountable obstacles.
The Senate’s heightened focus on budget implementation comes at a critical moment, as revealed by Senator Solomon Adeola, chairman of the Senate Committee on Appropriations, who raised serious concerns about revenue retention practices at major state corporations. Notably, Adeola pointed to the Nigerian National Petroleum Company Limited (NNPCL), accusing the organization of improperly classifying certain subsidy elements as operational expenses, thereby restricting available revenue.
Addressing recent controversies, Adeola dismissed allegations of a N3.0 trillion discrepancy in the 2024 budget as unfounded, explaining that the disputed funds were properly allocated to agencies operating on first-line charges. This clarification aims to restore public confidence in the legislative body’s handling of national finances.
The stakeholders’ session marked a significant step in the budget process, building upon previous engagements between standing committees and MDA leadership. This comprehensive approach underscores the Senate’s commitment to thorough scrutiny of public spending proposals and their potential impact on Nigerian citizens.
In his address, Akpabio emphasized the unique position of lawmakers as custodians of Nigeria’s destiny, challenging them to rise above ordinary legislative duties to become true architects of the nation’s future. This perspective reflects a broader vision of the budget as more than just a financial document, but rather as a blueprint for national transformation.
The Senate’s stance on fiscal responsibility comes against the backdrop of historical practices that saw Nigeria borrowing to stabilize its currency and maintain favorable exchange rates. This context adds urgency to the current push for more effective revenue management and prudent spending.
The constitutional powers of the National Assembly regarding appropriation were strongly defended by Senator Adeola, who emphasized that budgetary decisions are not arbitrary but rather the result of careful deliberation involving input from MDAs and various stakeholders. He stressed the importance of these powers in ensuring equitable development across all senatorial districts and federal constituencies.
Looking ahead, the Senate’s commitment to rigorous oversight of the 2025 budget implementation represents a significant shift in approach to public finance management. The emphasis on direct benefits to citizens suggests a more outcome-focused evaluation of government spending, potentially setting new standards for fiscal accountability in Nigeria.
This renewed focus on budget implementation comes at a crucial time when Nigeria faces multiple economic challenges, making effective resource allocation and management more critical than ever. The Senate’s position indicates a growing recognition of the need for more transparent and efficient public spending practices to address these challenges effectively.
