The National Assembly approved the N54.9 trillion budget for the fiscal year 2025, an increase of N700 billion over the previous request of N54.2 trillion. The budget allocates N3.6 trillion for statutory transfers, N14.3 trillion for debt servicing, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for capital expenditure.
President Bola Tinubu had already written to the National Assembly, asking for a rise in the initial budget proposal from N49.7 trillion to N54.2 trillion. He stated that the evaluation was due to increased revenue generated by important government departments.
The budget approval came after the Senate and House Appropriations Committees presented their reports in plenary on Thursday.
Senator Olamilekan Adeola (APC, Ogun), Chairman of the Senate Committee on Appropriations, and his House counterpart, Abubakar Bichi (APC, Kano), presented the report, saying: “The House receives the report of the Committee on Appropriations for the Bill of an Act to authorise the issuance of the total sum of N54.9 trillion from the Consolidated Revenue Fund of the Federation.”
“This includes N3.6 trillion for statutory transfers, N14.3 trillion for debt service, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for the Development Fund for capital expenditure for the year ending December 31, 2025.”
