The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has urged the government to reflect on the fiscal realities of Nigeria’s economy, particularly in light of the country’s budget-population ratio, when compared to other African nations.

In his vote of thanks following the presentation of the 2025 Appropriation Bill to a joint session of the National Assembly by President Bola Ahmed Tinubu on Wednesday, Speaker Abbas emphasized the importance of aligning Nigeria’s fiscal policies with its economic realities.

He acknowledged the bold and decisive steps taken by the Tinubu administration in the past 18 months, highlighting key reforms such as the removal of fuel subsidies, unification of foreign exchange rates, and the introduction of innovative economic policies. According to the Speaker, these measures have laid a solid foundation for sustainable growth and development, despite requiring short-term sacrifices.
Speaker Abbas noted that such reforms, while challenging, are crucial for long-term prosperity, pointing to historical examples from China, India, and South Korea as proof that transformative progress often begins with difficult decisions. He expressed confidence that Nigeria’s ongoing reforms would foster economic growth, reduce poverty, and ensure lasting prosperity.

“These reforms have disrupted the status quo, sparking resistance from vested interests,” Speaker Abbas stated. “Yet, these courageous measures underscore your resolve, Mr. President, to prioritize the welfare of Nigerians.”

The Speaker also addressed the ambitious 2025 budget of N49.7 trillion, a 35 percent increase over the 2024 budget, describing it as commendable. He acknowledged the bold projections outlined in the budget, including a 4.6 percent GDP growth, a crude oil price of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day. However, he stressed the need for critical reflection on Nigeria’s fiscal realities.

Despite being Africa’s most populous nation, with over 220 million people, Speaker Abbas pointed out that Nigeria’s 2024 national budget of $36.7 billion is modest compared to other African nations such as South Africa ($160 billion for 60 million citizens), Egypt ($110 billion for 110 million people), Algeria ($60 billion for 45 million people), and Morocco ($50 billion for 37 million people).

He reiterated that stabilizing prices, boosting agricultural productivity, expanding infrastructure, and investing in education, healthcare, and security remain top priorities for the government. To strengthen national unity and build trust, he stressed the importance of effectively communicating the government’s achievements to the Nigerian people.

“As we approach 2025, we must embrace the realities before us with determination,” the Speaker said, assuring President Tinubu that the National Assembly is fully committed to supporting the successful implementation of the 2025 budget.

“This is not merely your budget, Mr. President; it is a national project requiring collaboration across all arms of government,” Speaker Abbas added. He promised that the National Assembly would work to ensure the timely passage of the budget, provide legislative support for critical reforms, and conduct robust oversight to ensure transparency and efficiency in its execution.

In closing, the Speaker called on all Nigerians to remain resilient and united in the face of the challenges posed by recent economic reforms. “Let us take a moment to recognize and honor the profound sacrifices made by every Nigerian over the past year,” he said. “These sacrifices, while difficult, are necessary for building a stronger, self-reliant, and prosperous nation. Together, we can pursue a brighter and better Nigeria.”