NASS approves ₦54.9 Trillion 2025 budget

The National Assembly approved a budget of ₦54.9 trillion for the 2025 fiscal year on Thursday. The Senate and the House of Representatives each passed the bill separately.

A detailed breakdown of the budget allocation 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 (development fund). The fiscal deficit stands at ₦13.08 trillion, with a Deficit-to-GDP Ratio of 1.52%.

Last week, President Bola Tinubu increased the 2025 budget from the initial ₦49.7 trillion to ₦54.2 trillion and sought approval from both legislative chambers.

Presenting the bill for consideration, the Chairman of the House Committee on Appropriations, Abubakar Bichi, stated that the committee had engaged with the Presidential Economic Planning team to further examine revenue projections and expenditure plans for the 2025 Appropriation Bill.

He noted that the 2025 budget was submitted later than the 2024 budget and urged the executive to ensure that future budgets are presented to the National Assembly at least three months before the new financial year. This, he emphasized, is crucial for maintaining the January-to-December budget cycle.

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