The Senate deliberated on important matters last week. Arguably the most important was the 2025 budget presented to the lawmakers during the week. There was also the debate on the bill to increase the minimum capital of insurance companies by over 400 per cent.
Below are some of the crucial issues the lawmakers discussed before embarking on a recess.
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Senate raises minimum capital for Insurance coys
The minimum capital of insurance companies may be raised if a bill passed by the Senate gets the concurrence of the House of Representatives and the assent of the president.
On Tuesday, the upper chamber passed the bill raising the minimum capital for insurance companies from ₦2 billion to ₦10 billion.
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The bill also provides an increase in the reinsurance of the insurance companies from ₦10 billion to ₦35 billion, while non-life insurance was increased from ₦3 billion to ₦15 billion.
It was sponsored by Adetokunbo Abiru (APC, Lagos East), the chairman of the Senate Committee on Banking, Insurance and other Financial Institutions.
The upper chamber passed the bill after considering the committee’s report clause by clause at the Committee of the Whole, chaired by the Deputy Senate President, Barau Jibrin.
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Consideration of modern ranches to tackle insecurity
The Senate on Tuesday mandated its National Security and Intelligence, Livestock and Agriculture committees to liaise with the federal government with a view to establishing modern cattle ranches across the country to reduce insecurity.
The upper legislative chamber also resolved to enact a law restricting cattle movement from neighbouring countries to Nigeria.
The resolution followed a motion sponsored by Anthony Siyako on the need to address the incessant banditry attacks and displacement of villagers in Billiri Local Government Area of Gombe State.
Mr Siyako, while presenting his motion, said suspected herders armed with dangerous weapons invaded Sansani, Kalindi, Powishi and Lawushi Daji villages in the late hours of last Thursday.
2025 budget
On Wednesday, President Tinubu presented a budget of N49.7 trillion for the 2025 fiscal year to the National Assembly.
Mr Tinubu made the presentation to a joint session of the National Assembly held at the chamber of the House of Representatives.
The budget is christened “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
In the budget details, Mr Tinubu said the 2025 appropriation was designed to ensure macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity.
He said the budget specifically aimed to restore the government’s policy of restructuring the nation’s economy, boosting human capital development, and increasing trade activities, including the nation’s oil and gas sector.
Extension of implementation 2024 budget
After President Tinubu presented the 2025 budget to a joint sitting of the two chambers, the Senate reconvened for plenary and resolved to extend the implementation of the capital component of the 2024 budget till 2025.
The Senate President, Godswill Akpabio, announced the extension during the plenary after it was read for the first, second and third times and supported by most senators.
The Senate Leader, Opeyemi Bamidele, leading the debate, explained that the extension was required to allow the federal government to complete ongoing projects captured in the budgets.
He also cited the need to allow federal government ministries, departments, and agencies to use the significant funds approved for each project execution.
2025 budget passes second reading at Senate
On Thursday, the 2025 budget passed second reading at the Senate.
The senators voted to pass the appropriation bill after debating its general principles during the plenary on Thursday.
The bill seeks to authorise the issuance of the Consolidated Revenue Fund of the Federation of N49,740,165,355,396 for the 2025 fiscal year.
During Thursday’s plenary, the senate leader led the debate on the bill’s general principles.
In the lead debate, Mr Bamidele, the senator for Ekiti Central Senatorial District, said the budget proposal demonstrated Mr Tinubu’s commitment to stabilising the economy, improving lives, and repositioning Nigeria for greater performance.
He said the budget proposal experienced a significant increase of 74.18 per cent from the previous year’s budget and that the rise would address infrastructural decay and developmental challenges in the country.
Lawmakers adjourn plenary
The two chambers of the National Assembly on Thursday adjourned plenary sessions to allow lawmakers enjoy the Christmas and New Year celebrations.
Mr Akpabio announced the adjournment during Thursday’s plenary.
He said both the Senate and the House of Representatives would reconvene on 14 January 2025.
Mr Akpabio, however, said senators who are members of the crucial ad hoc committees may be recalled from holiday in line with parliamentary practices.
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