The National Assembly has given its approval to the N54.9 trillion budget for the 2025 fiscal year, marking an increase of N700 billion from the initially proposed N54.2 trillion.
A breakdown of the budget allocations shows N3.6 trillion set aside for statutory transfers, N14.3 trillion for debt servicing, N13.6 trillion for recurrent (non-debt) expenses, and N23.9 trillion earmarked for capital projects.
Earlier, President Bola Tinubu had sent a request to the National Assembly, seeking an upward revision of the initial budget proposal from N49.7 trillion to N54.2 trillion. He attributed the adjustment to additional revenue generated by key government agencies.
The approval process was finalized after the Senate and House Committees on Appropriations presented their reports during a plenary session on Thursday.
Presenting the report, Senator Olamilekan Adeola (APC, Ogun), Chairman of the Senate Committee on Appropriations, alongside his House counterpart, Abubakar Bichi (APC, Kano), stated:
“The House has received the report of the Committee on Appropriations on the Bill for an Act to authorize the disbursement of N54.9 trillion from the Consolidated Revenue Fund of the Federation.
“This allocation comprises 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 dedicated to capital projects for the financial year ending December 31, 2025.”
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