The National Assembly has passed the 2025 Appropriation Bill of ₦54.99trillion, including recurrent expenditure of N23.963trillion and capital expenditure of N13.08trillion
President Bola Ahmed Tinubu had last week increased the 2025 fiscal year budget from an initial N49.7trillion to N54.2trillon, seeking approval from the Senate and the House of Representatives.
The bill was passed separately by the Senate and the House of Representatives during their respective penalties in Abuja on Thursday
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), with fiscal deficit put at N13.08trn.
The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.
He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle
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