Legislature
Opeyemi Bamidele advocates for Legislative antidote for Naira free fall
**recommends regular executive, legislative parley for development agenda
The Leader of the Senate, Senator Michael Opeyemi Bamidele, has challenged his colleagues to come up with creative legislative frameworks that will provide robust oversight support to guarantee the appreciation and stability of Naira.
Bamidele, also, recommended regular parleys between federal lawmakers and all members of the Federal Executive Council as one of the measures that should be adopted to integrate the eight-point agenda of President Bola Ahmed Tinubu with the programmes of the 10th National Assembly.
He canvassed the positions at a two-day retreat for all senators of the Federal Republic of Nigeria at Ikot Ekpene, Akwa Ibom State under the theme, fiscal policy and tax reforms in Nigeria.
Organised by the National Institute of Legislative and Democratic Studies, the retreat was designed to build the capacity of the senators to enact pro-people legislations that could promote enduring peace; guarantee sustainable development and deepen peaceful co-existence, among Nigerians.
At the retreat were the President of the Senate, Senator Godswill Akpabio; Speaker, House of Representatives, Hon. Tajudeen Abbas; Deputy President of the Senate, Senator Barau Jibrin; Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun and other members of the Federal Executive Council.
Concerned about the weakening of Naira, the senate leader canvassed appropriate legislative frameworks and oversight support for the implementation of responsive fiscal and monetary policy with a view to rescuing the economy from regression.
He explained that both chambers of the National Assembly “are under obligations to stem the recurring decimal of Naira devaluation and promote economic stability. This entails appropriate legislative framework and oversight support for the implementation of responsive fiscal and monetary policy measures.
“Henceforth, developing appropriate legislative frameworks is central to ensuring macroeconomic stability with focus on managing inflation, addressing high interest rates as well as foreign exchange deficit,” the senate Leader observed in his paper presentation.
Bamidele equally highlighted diverse antidotes to socio-economic challenges currently confronting the federation, recommending first the urgent review of the Land Use Act, 1979 to redress the current land tenure system and give Nigerians more access to arable farmland nationwide.
He observed that ensuring more access to arable farmland would boost agricultural production exponentially and guarantee food security nationwide because most Nigerians, especially those in the rural communities, were predominantly farmers.
He emphasised the need to prioritise the Small Towns and Village Recovery and Development Bill in order to restore economic fairness to the rural communities in the scheme of national revenue allocations as well as the provision of rural infrastructure.
He added that the initiative would obviously stem the alarming rate of rural–urban drift and the attendant urban population explosion, urban criminality, environmental degradation and huge gap between available resources and demands in the cities.
He explained that effective implementation of the poverty alleviation programme “is fundamental to promoting peace, harmony and sustainable democracy in Nigeria where over 70 percent of the nation’s population is reportedly living below poverty line.
“To reduce the increasing inequality between the poor and rich, we urgently need to strengthen the National Directorate of Employment through the amendment of relevant legislations that will create limitless opportunities for our teeming jobless populations.
“We are also under obligations not just to overhaul our National Poverty Eradication Programme and National Economic Reform Plan, but also back them up with adequate funding to provide social safety nets for the poor and the vulnerable across the federation.”
Pointing out the alarming rate of corruption in the public space, Bamidele warned that the federation should prepare for mass action from the downtrodden, which might manifest in the form of protests.
As a matter of national security, the senate leader tasked the National Assembly to work out preventive measures to address corrupt practices rather than emphasising antidotes to cure them.
Bamidele also challenged the federal government to discourage selective treatment, executive lawlessness, high handedness, and political persecution of perceived enemies in the fight against corruption.
Also, at the retreat, Bamidele called for a joint retreat between the executive and legislature in order to work out modalities to integrate Tinubu’s eight-point agenda with the programmes of the National Assembly.
He explained that the proposed retreat would provide opportunity for all chairmen of standing committees in the Senate and House Committees to sit with ministers and their permanent secretaries to synergise on the approaches to implementing the eight-point agenda of the Tinubu administration.
***Allocates N23.96 Trillion for Capital Projects, N14.31 Trillion for Debt Servicing
The Nigerian Senate along with the House of Represebtatives have passed the 2025 Appropriation Bill, approving a record-breaking budget of N54,990,165,355,396 to finance government activities in the coming fiscal year.
The budget, titled A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation, was approved after deliberations on its allocations and implications for economic growth, debt management, and infrastructure development.
The chairman of the National Assemble Godswill Akpabio who is also the President of the Senate gave the beakdown of the 2025 Budget to show that Statutory Transfers: ₦3.65 trillion, debt Servicing: ₦14.32 trillion, Recurrent (Non-Debt) Expenditure: ₦13.06 trillion and
Capital Expenditure: ₦23.96 trillion
The largest chunk of the budget, ₦23.96 trillion, was allocated for capital expenditure, aimed at infrastructure development, healthcare, education, and security.
This signals the government’s commitment to addressing Nigeria’s infrastructural deficit.
However, the ₦14.32 trillion earmarked for debt servicing highlights the country’s rising debt burden, sparking concerns over long-term financial sustainability.
With the National Assembly approval, the budget now awaits President Bola Tinubu’s assent, after which implementation will begin. Analysts predict a challenging fiscal year, balancing economic growth with prudent spending and debt repayment.
However, time will tell whether the historic budget will deliver on its promises, or economic realities force adjustments down the line?
***Says addittional fund is to Prioritize Infrastructure, Health, Economic Growth
The chairman of the senate committee on Appropriation Senator Adeola Solomon Olamilekan has explained the approval of the 2025 Appropriation Bill by the national Assembly which it increased from N49.7 trillion to N54.99 trillion—the highest in the nation’s history.
The adjustment followed legislative reviews that uncovered additional revenues from key government agencies.
While explaining the Budget Expansion and Revenue Sources Olamilekan indicated that the additional N4.99 trillion was sourced from Nigeria Customs Service, Federal Inland Revenue Service (FIRS) and Government-Owned Enterprises (GOEs)
These he said led to an increase in funding for critical sectors, including N1.5 trillion for Bank of Agriculture, N500 billion for Bank of Industry, 1 trillion for Ministry of Solid Minerals, N1.5 trillion for Renewable Infrastructure Fund, N300 billion – Road construction and N400 billion for Rail transport.
Others are N380 billion of Water resources, irrigation, and dam projects, N250 billion for Military barracks renovation N120 billion for New military aviation projects, N50 billion for Border security agencies
Following the suspension of U.S. health aid, which previously provided funding for HIV, tuberculosis, malaria, and polio treatments, President Tinubu approved $200 million (N300 billion) to ensure continued medical supplies and healthcare support for affected patients.
On the major Boost for Infrastructure Development he said a record N23.7 trillion has been allocated for capital projects, marking a significant leap in infrastructure investment.
He listed the areas the funds will focus on to include Roads and railways,nEducation and healthcare improvements and Other critical public infrastructure
To prevent delays in budget implementation, the 2026 budget process will begin in July 2025, with the Medium-Term Expenditure Framework (MTEF) submitted early and the Appropriation Bill expected by October 2025.
Concerns over inadequate rail infrastructure funding in the South East were raised, but legislative leaders clarified that rail projects are primarily funded through public-private partnerships (PPPs).
According to him, the 2025 budget focuses on light rail development in Lagos, Ogun, Kaduna, and Kano, while further discussions on South East projects are ongoing.
He explained that to maintain Economic Stability the budget parameters remain unchanged, with key revenue sources including FIRS increasing its revenue target to N25.1 trillion, Nigeria Customs Service boosting revenue collection through stricter enforcement and Independent revenue agencies contributing 100% of their generated funds to the federal government
The House of Representatives has directed its Joint Committee on Communications and Interior to investigate reports of unauthorized National Identification Number (NIN) linkages by telecom service providers across Nigeria.
The decision followed the unanimous adoption of a motion jointly sponsored by Hon. Patrick Umoh (APC, Akwa Ibom) and Hon. Julius Ihonvbere (APC, Edo). The House also instructed the Nigerian Communications Commission (NCC) to probe the allegations and sanction any telecom operator found guilty of violating privacy laws.
Additionally, the National Identity Management Commission (NIMC) has been asked to clarify whether telecom providers were authorized to link NINs to subscriber lines and if such actions comply with existing regulations.
Hon. Umoh raised concerns about recent reports indicating that telecom companies have linked NINs to subscribers’ SIM cards without their consent. He warned that this unauthorized linkage exposes Nigerians to criminal activities, such as identity theft, financial fraud, and other cybercrimes.
“This action is a clear violation of the Nigeria Data Protection Act 2023 and the Nigeria Data Protection Regulation (NDPR) 2019, which guarantee the right to privacy and the protection of personal data,” Umoh stated.
He further emphasized that while the NIN system was introduced to enhance national security and streamline identification processes, unauthorized linkages undermine public trust and jeopardize citizens’ safety.
“Aware that innocent citizens have been wrongly implicated in crimes, suffered reputational damage, harassment, and legal challenges for offenses they know nothing about, it is imperative that we address this issue immediately,” Umoh added.
The House has mandated the probe committee to submit its findings within four weeks, as lawmakers seek to protect Nigerians from potential data breaches and uphold the integrity of national security protocols.
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