BREAKING: THE NATIONAL ASSEMBLY PASSES N54.99trn 2025 BUDGET
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The National Assembly on Thursday passed the ₦54.99trn 2025 Appropriation Bill
A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund).
The budget breakdown includes:
N3.6 trillion for statutory transfers
N14.3 trillion for debt service
N13.6 trillion for recurrent (non-debt) expenditure
N23.9 trillion for capital expenditure
President Bola Tinubu had earlier written to the National Assembly, requesting an increase in the initial budget proposal from N49.7 trillion to N54.2 trillion due to additional revenue generated by key government agencies.
The budget approval followed the presentation of reports by the Senate and House Committees on Appropriations during plenary on Thursday.
Presenting the report, Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House counterpart, Hon. Abubakar Bichi (APC, Kano), stated:
The House receives the report of the Committee on Appropriations for the Bill of an Act to authorize 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.”
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Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives.
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