The National Assembly on Thursday approved the ₦54.99 trillion 2025 Appropriation Bill, with both the Senate and House of Representatives passing it separately.
A breakdown of the budget includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion for capital expenditure. The fiscal deficit stands at ₦13.08 trillion, with a Deficit-to-GDP ratio of 1.52%.
Last week, President Bola Tinubu raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion before seeking parliamentary approval.
Presenting the bill, House Appropriations Committee Chairman Abubakar Bichi stated that discussions were held with the Presidential Economic Planning team to review revenue projections and expenditure.
Bichi noted that the 2025 budget was presented later than the 2024 budget and urged the executive to submit future budgets at least three months before the next financial year to uphold the January-December budget cycle.