The National Assembly has approved a budget of N54.9 trillion for the 2025 financial year, marking an increase of N700 billion from the earlier N54.2 trillion proposal.
The budget, which was passed following deliberations in both the Senate and House of Representatives, outlines allocations across various sectors.
A breakdown of the financial plan shows N3.6 trillion set aside for statutory transfers, N14.3 trillion allocated for debt servicing, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion designated for capital projects.
President Bola Tinubu had previously sent a request to the National Assembly, seeking an upward adjustment of the budget from N49.7 trillion to N54.2 trillion. He explained that the revision was necessary due to additional revenue generated by key government agencies.
During a plenary session on Thursday, the budget was officially adopted after presentations from the Senate Committee on Appropriations and its counterpart in the House of Representatives.
Senator Olamilekan Adeola (APC, Ogun), who leads the Senate committee, and Abubakar Bichi (APC, Kano), the chairman of the House committee, presented the final report.
Reading from the report, they stated: “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. This includes 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 for capital expenditure for the year ending December 31, 2025.”
