Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola, has assured Nigerians that the 2024 Budget Implementation is on course, reaffirming the government’s commitment to executing fiscal plans effectively.
Speaking during a media chat in Abuja, Senator Adeola addressed concerns over reports suggesting a possible extension of the 2024 Appropriation Act beyond June 30, 2025.
“Yes, we are working on it. The budget is still on course. It ends on the 30th of June. And before it does, if there’s a need for an extension, we will do the needful,” he said.
“But for now, the budget is still operational. Implementation is progressing accordingly. If we determine an extension is required before the deadline, we won’t hesitate to act. However, at this stage, we don’t want to be preemptive.”
Providing an overview of key economic reforms under President Bola Tinubu’s administration, Senator Adeola expressed optimism, particularly about the outcomes of the fuel subsidy removal and the stabilization of the foreign exchange rate.
“There was no subsidy. What the President did was put a final stop to it. He made it clear that he wouldn’t continue the practice of borrowing about N10 trillion annually to fund subsidy payments. Now, the subsidy is gone,” he said.
“We now have a free-market economy where demand meets supply. Whether you choose to import fuel or produce locally, you’re encouraged to do so. We’ve seen healthy competition—Dangote lowering fuel prices, NNPC responding—based on market forces. This is good for the economy.”
He also highlighted the positive impact of exchange rate liberalization:
“In the past, we might peg the dollar at $300 in the official market while it sold for $900 in the black market. That disparity posed serious problems. Today, the official rate is closer to N1,500 per dollar, which aligns better with market realities. It’s healthy and driven by supply and demand.”
Senator Adeola noted that the reforms are yielding results:
“The key now is to strengthen the Naira and boost local manufacturing. The President is already taking steps to support domestic production. Initiatives like consumer credit and interventions by the Bank of Industry are empowering small and medium-scale enterprises.”
He stressed that with these reforms in motion, 2024 Budget Implementation on Course remains a top priority to ensure that economic stability translates to tangible development across sectors.
On the national honours recently conferred on notable pro-democracy activists and the Ogoni Nine, Adeola commended President Tinubu’s efforts.
“If we are truly commemorating June 12, then the posthumous national honours granted to those who fought for democracy are well-deserved,” he said. “I congratulate the President for recognizing the contributions of heroes like Ken Saro-Wiwa, whom he not only awarded but also granted a full pardon.”
He added:
“This shows we have a President who is not only governing but also correcting the past and rewriting history in a just way. We must continue to support him so he can continue the good work he has started.”
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