Business
Without reliance on oil, Nigeria can fund budgets — Senator
The Senator representing Niger East Senatorial District, and Chairman of the Senate Committee on Finance, Senator Sani Musa, has stated that the country is capable of funding its budget without unnecessary pressure on oil.
It could be recalled that the Senate on Thursday approved the 2025 Appropriation Bill, passing a total budget estimate of ₦54.99 trillion.
Among the highlights of the budget are a Total Expenditure of ₦54.99 trillion; Statutory Transfers, ₦3.65 trillion; Recurrent (Non-Debt) Expenditure, ₦13.64 trillion; Capital Expenditure, ₦23.96 trillion; Debt Servicing, ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.
Explaining the budget details in an interview with Channels Politics Today programme on Thursday evening, Senator Musa noted that it was more important for investment to flow into the country, which he alleged was already coming.
He said that President Bola Tinubu was already broadening the revenue scope by allowing mining operations, a development he noted was to reduce dependence on oil as the only source of sustenance.
“Mr President has looked at all these things, and for that reason, he said Nigeria cannot continue to drive its revenue for a monolithic economy. We have to diversify. And based on his ideals and vision of diversification, he now brings about how the non-oil sector will boom.
“I can tell you, Nigeria has the potential to be able to take care of its budget adequately, even without putting too much pressure on the oil. What is important for this country is for the investment to come into this country now, and that has been done. The most important thing is that such investments are in this country. If you’re an economist, what to look at is what comes in.
“You see, Mr President has done something; he’s trying to stabilize so many things, he has brought about the mining sector. From this budget, you will see the allocation that has been put in, like a stabilisation, for the mining sector. Why is he doing that? He’s trying to see how he can expand the scope of revenue”, he said.
On the issue of constituency projects included in the budget, Senator Musa noted , “The essence of every representative is to be able to carry something of development back home. If I’m going to get 100 vehicles for security to take to Shiroro Local Government, I will want it. How it comes, it doesn’t matter to me. What matters most to me is to let it be appropriated, let it be legally done, and let due process take its place, and that is fine.
“It’s not my responsibility to know if it is completed, but as far as I know, there is no Senator or there is no Member of the House of Representatives, that will not want to go and complete a project for his people. There are no unreasonable insertions. The way the budget came is the way we treated it.”
