The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill. This followed the adoption of the report of the Committee on Appropriations on the bill. The report was presented by Chairman of the Committee, Sen. Solomon Adeola (APC-Ogun).
Highlights of the passed 2025 appropriation bill indicates an aggregate expenditure of N54.9 trillion, statutory transfers of N3.6 trillion, with recurrent expenditure put at N13.6 trillion.
While the sum of N23.9 trillion was earmarked for capital expenditure, debt servicing was put at N14.3 trillion, fiscal deficit N13.8 trillion, while 1.52 per cent was approved as deficit and GDP.
Olamilekan, while presenting the report, said that the senate debated the general principles of the bill on Dec. 19, 2024.
This, he said, had resulted in the second reading of the bill after which it was referred to his committee for further legislative action.
The senator said that the initial proposal of the executive was N49.7 trillion.
He, however, said while processing the bill, the joint committee on appropriations met the president’s economic team to discuss the revenue projection and expenditure of the appropriation bill.
“After series of meetings, the Committee on Finance, in conjunction with our committee, sourced for additional revenue from some revenue-generating agencies,” he said.
Adeola said that the additional fund was made possible because of the increase in revenue by some of the revenue-generating agencies.
He further stated that some agencies of government provided funds to take care of critical needs.
The lawmaker said that the upward review of the budget from N49.7 trillion to N54.9 trillion was to cater for the difference between the details and the bill, procurement of vaccines and additional funding to some government agencies.
“The joint committee worked harmoniously with the leadership of the National Assembly and the executive arm of government in the processing of the bill.
“This ensured maximum collaboration of the two arms in the utilisation of additional revenue projection.
”This is to improve the funding of some critical projects which could not be adequately funded in the budget proposal earlier submitted by Mr President due to funding constraints,” he said.
Adeola said that the 2025 appropriation bill was presented late as against the 2024 appropriation bill.
He urged the executive to present the budget to national assembly not later than three months before the beginning of the next financial year.
“This will help return the country to the January-December budget circle,” he said.
JUST IN: HoR endorses N54.99 trillion budget for 2025
Similarly, the House of Representatives, during Thursday’s plenary session, endorsed the 2025 budget totaling N54.99 trillion.
Chairman of the Appropriations Committee, Rep. Abubakar Kabir Abubakar, presented the committee’s report for the House’s consideration, leading to its adoption.
He said: “That the House do consider the Report of the Committee on Appropriations a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only, of which N3,645,761,358,925 (Three Trillion, Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers N14,317.142,689,548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira) only is for Debt Service, N13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N23,963, 251,624,250 (Twenty-Three Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and Fifty-One Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the |Development Fund for Capital Expenditure for the year ending on the 31 December, 2025 (HB. 2021) and approve recommendations therein”.
On December 18, 2024, the House received the committee’s report on the 2025 Appropriation Bill. The following day, December 19, 2024, lawmakers conducted a clause-by-clause review of the bill, which contains 12 clauses, outlined as follows:
Embassies shall constitute their Tender Board as in a Parastatal’s Tenders Board (PTB) within the requisite threshold in compliance with the extant Executive Circular and the Provisions of the Public Procurement Act.
“11. Detailed estimate: The detailed estimates of expenditure are set out in the Second Schedule to this Bill.
“12. Expiry Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when asented to.
“Short Title: This Bill may be cited as the Appropriation Bill, 2025”.
The House convened in the Committee of Supply, with Speaker Tajudeen Abbas overseeing the review of budgetary allocations.
During deliberations, Rep. Chinedu Ogar noted the absence of funding for light rail projects in the South East. In response, the Speaker assured that the matter would be brought to the President’s attention and could be addressed through a supplementary budget.
The estimates of expenditure are set out in the Second Schedule to this Bill.
“12. Expiry Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when assented to..
“Short Title: This Bill may be cited as the Appropriation Bill, 2025”.
The House convened in the Committee of Supply, with Speaker Tajudeen Abbas overseeing the review of budgetary allocations.
During deliberations, Rep. Chinedu Ogar noted the absence of funding for light rail projects in the South East. In response, the Speaker assured that the matter would be brought to the President’s attention and could be addressed through a supplementary budget.
Following this, the House resumed plenary, where Majority Leader Rep. Julius Ihonbvere moved for the adoption of the report as a working document. The motion received unanimous approval, leading to the final reading and passage of the 2025 Appropriation Bill.