On Thursday, the National Assembly approved the ₦54.99 trillion 2025 Appropriation Bill.
The bill was passed separately by both the Senate and the House of Representatives.
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A breakdown of the budget revealed N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit of N13.08 trillion. The deficit-to-GDP ratio was set at 1.52%.
Last week, President Bola Tinubu raised the 2025 fiscal year budget from an initial N49.7 trillion to N54.2 trillion, seeking approval from both the Senate and House of Representatives.
Abubakar Bichi, Chairman of the House Committee on Appropriations, presented the bill for consideration, stating that the committee had met with the Presidential Economic Planning team to further discuss revenue projections and expenditures for the 2025 budget.
He noted that the 2025 Appropriation Bill was submitted later than the 2024 budget and urged the executive to submit future budgets to the National Assembly at least three months before the start of the next financial year, to ensure adherence to the January-to-December budget cycle.
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