Kehinde Fajobi
The National Assembly has passed the ₦54.9 trillion budget for the 2025 financial year, marking an increase of ₦700 billion from the initial proposal of ₦54.2 trillion.
The budget allocates:
₦3.6 trillion for statutory transfers, ₦14.3 trillion for debt service, ₦13.6 trillion for recurrent (non-debt) expenditure, ₦23.9 trillion for capital expenditure
Earlier, President Bola Tinubu had written to the National Assembly requesting a rise in the proposed budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenue from key government agencies.
During Thursday’s plenary, the Senate and House Committees on Appropriations presented their reports, leading to the approval.
Senator Olamilekan Adeola (APC, Ogun), Chairman of the Senate Committee on Appropriations, and Hon. Abubakar Bichi (APC, Kano), Chairman of the House Committee, stated:
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“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 ₦54.9 trillion from the Consolidated Revenue Fund of the Federation.
This includes ₦3.6 trillion for statutory transfers, ₦14.3 trillion for debt service, ₦13.6 trillion for recurrent (non-debt) expenditure, and ₦23.9 trillion for the Development Fund for capital expenditure for the year ending December 31, 2025.”