BREAKING: 2025 Budget: Senator Akobundu Expresses Concern over Amount Earmarked for Debt Servicing

Senator Austin Akobundu, representing the Abia Central Senatorial District in the National Assembly, has raised serious concerns regarding the N15.81 trillion allocated for debt servicing in the 2025 Appropriation Bill, which was presented to a joint session of the National Assembly on Wednesday.

During the budget debate on Thursday, Senator Akobundu argued that this figure is excessively high, especially in light of the country’s other urgent needs.

“The amount designated for debt servicing continues to trouble me, as it constitutes approximately one-third of the total budget; N15.81 trillion for debt servicing. This is likely to exert pressure on available resources for capital expenditure and other vital services,” he stated.

Senator Isah Jibrin from Kogi East echoed Akobundu’s apprehensions, contending that the proposed amount for debt servicing is excessively large.

“The main concern, Mr Senate President, is the magnitude of the funds allocated for debt servicing. At over fifteen trillion naira, this sum strikes me as prohibitively high. I believe it is imperative that we hold all revenue-generating agencies accountable and encourage them to intensify their efforts,” he remarked.

Following a vigorous discussion on the 2025 Appropriation Bill, it was approved for a second reading, paving the way for a public hearing to gather additional input from the general public.

It is noteworthy that President Bola Ahmed Tinubu presented a total budget of N49.7 trillion for the National Assembly’s consideration on Wednesday.