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Tag: 2025 BUDGET

  • Reps demand 2024 budget breakdown, audited accounts of TETFund

    Reps demand 2024 budget breakdown, audited accounts of TETFund

    The House of Representatives has directed the Tertiary Education Trust Fund (TETFund) to provide a detailed breakdown of its 2024 allocations.

    The House also instructed TETFund to refrain from disbursing or authorising any funds until the detailed breakdown of its proposed 2025 budget has been scrutinised and approved by the House.

    It also urged TETFund to present the 2025 budget estimates to beneficiary institutions before further implementation.

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    Furthermore, the House mandated the FIRS to submit a list of Education Tax payers and the total yearly amounts collected from 2011 to date.

    This resolution followed the adoption of a motion by Rep. Sulaiman Gumi (PDP-Zamfara) on the floor of the House in Abuja on Tuesday.

    Presenting the motion, he noted that Section 1 of the TETFund Act, 2011, authorises the assessment and collection of the Education Tax from the assessable profits of all companies registered in Nigeria.

    He further stated that the tax is to be assessed and collected by the Federal Inland Revenue Service (FIRS) for remittance to TETFund.

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    He added that TETFund, among other statutory responsibilities, is tasked with administering and disbursing the tax funds to eligible public tertiary institutions for the advancement of education, knowledge, and skills.

    The lawmaker expressed concern over reported cases of discrepancies in tax collections, accruals, remittances, transfers, and issues surrounding the judicious utilisation and equitable disbursement of the Education Tax Fund.

    He added that TETFund’s 2024 budget lacked the necessary breakdowns and details of its expenditures and approved guidelines required for legislative scrutiny, as stipulated by law.

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    Adopting the motion, the House directed TETFund to submit reports of audited accounts of the fund, along with the receipts of beneficiary institutions, from 2018 to date.

    The Committee on TETFund and other relevant committees were tasked with implementing the resolutions and reporting back to the House within four weeks.

  • Senate Suspends Plenary for Two Weeks to Focus on 2025 Budget

    Senate Suspends Plenary for Two Weeks to Focus on 2025 Budget

    • Fixes open day for Thursday
    • Sets January 31 as tentative date for passage

    Both Chambers of the National Assembly commence consideration of the N49.7trillion 2025 budget at committee levels, Tuesday this week, while the Senate declared on Monday that it would suspend plenary for two weeks upon resumption on the 14th of this month.

    The senate has also fixed Thursday this week for open day on the budget consideration, which will entail inputs from various stakeholders in the polity aside heads of the various Ministries, Departments and Agencies (MDAs).

    The Chairman of the Senate Committee on Appropriation, Senator Solomon Olamilekan Adeola, who stated these during a meeting with Chairmen of other senate standing committees, added that January 31st has been fixed, tentatively, as date for laying of reports on the 2025 Appropriation bill separately before the Senate and the House of Representatives.

    At the meeting, attended by many Chairmen of Senate Standing Committees and Principal officers like the Deputy Leader, Senator Lola Ashiru, Senate Whip, Senator Tahir Monguno, amongst others, said the time frame for consideration and passage of the 2025 budget is short but the best must be made out of it.

    FURTHER READING

    “Before this meeting with Chairmen of the various standing committees in the Senate , the Appropriation committee met for several hours on best way to handle the consideration of the 2025 budget which was presented to the National Assembly on Wednesday, December 18, 2024 by President Bola Tinubu and passed for second reading by both the Senate and the House of Representatives on Thursday, December 19, 2024 .

    ” For expeditious and thorough consideration , hard copies of the budget proposals were obtained and already given to chairmen of the various committees as required reference documents during budget defence sessions with heads of MDAs under their preview.

    ” The tentative time table that has been drawn for consideration of the budget at committee level, is that budget defence sessions begin from tomorrow (Tuesday), while reports from various committees are expected to be submitted from 15th to 18th of this month .

    ” Afterwards, collation and tidying up of the various reports will be done by the appropriation committee, with the hope of laying final report on the budget to the Senate on 31st of this month .

    “However , the 31st of January, fixed for laying of the budget is tentative as it is just given to guide our working,” he said.

    The Senator Adeola led committee thereafter went into a closed door session with Chairmen of the various standing committees at the Senate.