The Chairman Senate Committee on Media and Publicity, Senator Yemi Adaramodu, has assured that the Senate would try its best to pass the 2025 budget submitted by President Bola Tiunubu in time.
Yemi Adaramola said the Senate would start work on the budget bill today (Thursday). He noted that it may pass first and second reading today.
Speaking on Thursday on Arise TV, Adaramola disclosed that the National Assembly may require a joint committee sitting of the Senate and House of Representatives to ensure the budget is attended to and passed in record time.
“The budget is wholesome given to us today (Wednesday). We have not gone to the details of the budget. We have not gone to the details of the budget. It depends on what details are in the budget. It’s not going to take so long, and I don’t want to just try to speculate, because tomorrow (today, Thursday) when we do our readings, first, second, then it will be committed to the appropriation committees of both chambers.
“Once it is done like that, then the appropriation committee will sit and then we are thinking of having joint meetings. That is the House of Representatives and that of Senate, of various committees that are going to deal with the MDAs. Now when we sit together, then it depends. Why I said it depends is that when we look at the details, when we look at the components, when we look at the secular components of the budget,” Adaramola said.
Giving details on the 2024 budget, the Chairman Senate Committee on Media explained that the lawmakers have extended the capital component of the budget to June 2025.
He said the recurrent component of the 2025 budget when passed would start running from January 2025; but the capital component would start after June 2025. He stressed that the decision was to ensure that no project contained in the 2024 budget was abandoned.
“When you look at the theories and practice of budget reviews, budgets are not something that is so straight-jacketed that it cannot flourish to the following year. The capital component of 2024 budgets should be extended further till June next year. That is the only component, not the current component.
“Why did we do that, we want to make sure that there is no abandoned project because some of the projects are still going. We don’t want it to end with December 31. So if it ends with December 31 and then budget is already made, it means that those projects will be at standstill.
“Then it means that we will be running to the next year, after 2025, before we can even put it in another budget. So we have to expand the scope of 2024 budget, only the capital component. Then the current component is not being extended. The span is as it is,” he explained.