The Senate and the House of Representatives on Thursday passed the 2025 Appropriation Bill, approving an aggregate expenditure of ₦54.99 trillion for the fiscal year.
The approved budget outlines major allocations for recurrent spending, capital projects, debt servicing, and statutory transfers. Below is a breakdown of the key highlights:
Total Expenditure: ₦54.99 trillion
Statutory Transfers: ₦3.65 trillion
Recurrent (Non-Debt) Expenditure: ₦13.64 trillion
Capital Expenditure: ₦23.96 trillion
Debt Servicing: ₦14.32 trillion
Fiscal Deficit: ₦13.08 trillion
Deficit-to-GDP Ratio: 1.52%
Presidential Adjustment To Budget
Henzodaily understands that the passage follows President Bola Tinubu’s revision of the initial budget proposal from ₦49.7 trillion to ₦54.2 trillion, which was submitted to the National Assembly for approval.
The adjustments aimed to address economic demands and bolster infrastructural development.
In a concurrent development, the House of Representatives also passed the ₦54.99 trillion budget after adopting the report presented by the House Committee on Appropriations.
Legislative Review And Adjustments
The final budget approved by the Senate and House reflects an approximate increase of ₦7 billion over the initial ₦49.7 trillion proposed by President Tinubu in December 2024.
The budget will now be transmitted to President Tinubu for assent, paving the way for the implementation of the government’s fiscal policies and developmental programs for 2025.