The National Assembly has passed a N54.9 trillion budget for the 2025 financial year, increasing the initial proposal by N700 billion from N54.2 trillion.
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
The approval came after the presentation of reports by the Senate and House Committees on Appropriations during plenary on Thursday.
Earlier, President Bola Tinubu had written to the National Assembly requesting an increase in the initial proposal from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies.
Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House counterpart, Abubakar Bichi (APC, Kano), presented the report, stating:
“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.”
The budget will fund federal projects and services for the year ending December 31, 2025.
