THE Federal Government has allocated N845,284,513,819 to address minimum wage-related adjustments following the recent increase to N70,000.
The allocation is part of the service-wide vote detailed in the 2025 budget proposals, which was presented by President Bola Ahmed Tinubu to the National Assembly on Wednesday.
Yesterday, the Senate and House of Representatives passed the 2025 Appropriation Bill of N49.7 trillion for a second reading.
The budget provides N10,955,324,281 for local contracting debt obligations.
Another key item is N17,313,619,734 for group life assurance for all ministries, departments, and agencies (MDAs), including the Department of State Services (DSS).
The allocation covers the insurance of sensitive assets, corps members, and administrative monitoring.
The Federal Government set aside N100 billion for “Operation Lafiya Dole” and other armed forces operations.
Additionally, N20 billion has been allocated for the recapitalisation of the Ministry of Finance Incorporated (MOFI).
The Presidential Amnesty Programme will receive N65 billion to support the reintegration of transformed ex-militants.
Also allocated is N2.3 billion for the entitlements of former presidents, heads of state, vice presidents, and chiefs of general staff.
The budget includes N10,505,814,220 to cover the benefits of retired heads of the civil service of the federation and federal permanent secretaries.
The passage of the 2025 budget for the second reading followed the consideration and debate on the objectives and general principles of the fiscal document christened: “The Restoration Budget: Securing Peace, Rebuilding Prosperity” separately by both chambers during their plenary sessions.
Senate Leader, Opeyemi Bamidele and House leader Julius Ihonvbere sponsored the Bill in both chambers.
It is entitled: “A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N49,740,165,355,396 only, of which N4,435,761,358,925 only is for statutory transfers, N16,327,142,689,549 only is for debt service, N14,123,544,196,406 only is for recurrent (non-debt) expenditure while the sum of N14,853,717,110,517 only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December 2025, and for related matters, 2024 (SB. 681).”
Opeyemi in his lead debate, described the 2025 Budget as a reflection of the theme.
“The proposal tells a bold and exciting story on the direction the government is taking towards revamping the socio-economic fabric of our society.
“These can be seen through the lofty dreams of: projected drop in inflation from its current rate of 34.6 per cent to 15 per cent next year; projected improvement in the exchange rate from approximately N1,700 per US dollar to N1,500; projected crude oil production of 2.06 million barrels per day (mbpd); reduction in importation of petroleum products alongside increased export of finished petroleum products,” he said.
Deputy President of the Senate, Senator Barau Jibrin, said the lawmakers would ensure effective implementation after passage.
He said: “What we need to do after the passage is to make sure that it’s fully implemented.
“I’m sure by the time we implement this budget, this country will turn into a land of El Dorado, a land of plenty and prosperity.”
Senator Abdul Ningi (PDP, Bauchi Central) expressed “cautious optimism” about the 2025 budget proposals, emphasising the critical role of the National Assembly in shaping it to address the nation’s challenges.