BREAKING: National Assembly Approves ₦54.99trn 2025 Budget

The National Assembly has passed the ₦54.99trn 2025 Appropriation Bill.

The bill was approved separately by the Senate and the House of Representatives.

According to CHANNELS, a detailed breakdown of the 2025 budget reveals key allocations, including Statutory Transfers: N3.645trn, Debt Servicing: N14.317trn, Recurrent Expenditure: N13.64trn, Capital Expenditure (Development Fund): N23.963trn.

The fiscal deficit has been put at N13.08trn, with a Deficit-to-Gross Domestic Product (GDP) Ratio of 1.52%.

President Bola Tinubu had initially presented a budget of N49.7trn, which was later increased to N54.2trn.

The Chairman of the House Committee on Appropriations, Abubakar Bichi, emphasized the importance of timely budget presentation, stating that the 2025 Appropriation Bill was presented late compared to the previous year’s budget.

Bichi 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.