Senate resumption: 2025 budget, constitution amendment, Tax Reform Bills top agenda

•Nigerian Senate

The Senate would upon resump­tion starting January 14, begin investigation of alleged economic sabotage in the petroleum indus­try, the amendment of the 1999 constitution, and key economic reform initiatives by the President Bola Tinubu led administration.

The Leader of the Senate, Sen­ator Opeyemi Bamidele (APC: Ekiti Central), yesterday said that the red chamber would also devote the next few weeks to scrutinise of the Appropriation Bill 2025 and the contentious Tax Reform Bills, 2024, in order to open up the country “for real business­es that will throw up limitless op­portunities,” reports Daily Independent.

In a statement ahead of the new legislative calendar, Senator Opeyemi noted that the preced­ing 2024 was marked by tough economic realities that triggered public discontent nationwide.

Senator Opeyemi said, “Infla­tion, driven by foreign exchange instability, was a major concern with its attendant consequences upon the purchasing powers of most Nigerians. All these realities, among others, are no doubt a real test of our resolve as representa­tives of the people to decisively, effectively and efficiently respond to issues of strategic national in­terests.

“This time, though challenging and tough, truly brought the best out of the National Assembly. It in­spired us all to work together and promote diverse initiatives aimed at addressing the roots of our so­cio-economic challenges. The initiatives have already started redefining our business environ­ment rapidly, boosting investors’ confidence in our domestic econ­omy and creating limitless oppor­tunities for compatriots across the strata. And with all these reforms, Nigeria will definitely record greater opportunities in this year. So far, I can confidently say Nige­ria is gradually becoming more stable, fiscally and monetarily.”

The Leader of the Senate fur­ther revealed, “With the multi-tiered interventions by the presi­dency and National Assembly, for instance, Dangote Refinery and Petrochemicals commenced oper­ations within the 2024 fiscal year. Likewise, Port Harcourt Refining Company and Warri Refining & Petrochemicals Company are now back to operations after almost two decades of dysfunction. The operations of these refineries are a testament to the political will of the government of the All Pro­gressives Congress to reverse all negative trends that plague our economy and polity.

“Beyond the downstream petroleum sector, the National Assembly has leveraged its multi-tiered interventions in virtually all strategic sectors to reverse the re­gression that the country recorded at different times between 2011 and 2023. The approach has spurred steady growth in our gross do­mestic products all through 2024. It has sustainably translated to 2.98% growth in the first quarter; 3.19% in the second quarter; 3.46% in the third quarter and may be as high as 4% in the fourth quarter. Also, our debt-service-revenue ra­tio has shrunk from 97% in June 2023 to 65% in November 2024, and I believe the margin will further shrink in the new year we began on Wednesday.

“Each of these records is in­deed a great leap forward, and our parliamentary agenda that emphasises strategic collabora­tion among government arms without prejudice to our constitu­tionally guaranteed independence has made it obviously attainable. All these outcomes simply means Nigeria is now out of the vicious cycle of fuel importation that cost her $600 million, which annually translates to $7.2 billion. It also means the operations of these re­fineries will significantly reduce undue pressure on the naira; guarantee stability in the foreign exchange market and trigger an unprecedented crash of consumer price index, often used to measure inflation. For me, these are signs of a greater tomorrow that await our compatriots regardless of their economic, political or social status.

“No doubt, the outcome of the multi-tiered initiatives has been impressive and stimulating. But that does not suggest that the National Assembly will now rest on its oars and go to bed. Never! Rather, as an institution, we duly appreciate the tasks before us. We also understand the urgency of providing decisive institutional responses that will guarantee the stability of our fatherland, wheth­er economically or politically, cul­turally or socially.

“For this reason, we will du­tifully sustain its drive to deepen global best practice in the coun­try’s petroleum industry. This is the rationale behind the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry. Considering the significance of the committee, the National As­sembly has initiated the process to constitute a joint committee of the Senate and House of Repre­sentatives to look more decisively and incisively into diverse issues spurring infraction and sabotage in the petroleum.”

He continued, “The previous year has successfully paved the way for 2025, another year that presents boundless opportunities and cautious optimism, clear di­rection and strategic engagement, relentless pursuit and remarkable turnaround. “We look forward to highly challenging sessions that will be devoted to pursue our col­lective aspiration of a greater Ni­geria. We recognise that a number of unfinished tasks are currently pending before the two chambers of the National Assembly. But consistent with the principles of rational choice, we address each of these tasks in order of national priority or significance.

“Consequently, the new few weeks will be devoted to the scruti­ny of the Appropriation Bill, 2025; Tax Reform Bills, 2024; investiga­tion of economic sabotage in the petroleum industry, amendment of the constitution of the Feder­al Republic of Nigeria, 1999 (as amended) and key economic re­form initiatives that have been in the pipeline to open up Nigeria for real businesses that will throw up limitless opportunities.”