JUST-IN: Reps Set To Pass N54.9trn 2025 Budget, Increase Proposal By N7bn

The House of Representatives is set to pass N54.9 trillion budget for 2025 financial year, increasing the initial proposal by about N7billion.

Out of the total sum, N3.6 trillion is for statutory transfers; N14.3 trillion – debt service; N13.6 trillion – recurrent (non-debt) expenditure while the sum of N23.9 trillion is for capital expenditure.

LEADERSHIP reports that President Bola Tinubu had written the National Assembly, requesting that the earlier budget proposal of N49.7 trillion be increased to N54.2 trillion because of the additional revenue generated by key agencies of government.

This followed the presentation and laying of the report of the House Committee on Appropriations at plenary on Thursday.

Presenting the report, Chairman of the Appropriations Committee, Hon. Abubakar Bichi (APC, Kano) said: “The House do receive the report of the Committee on Appropriations for the Bill of an Act to authorise the issue from the consolidated revenue fund of the federation the total sum of N54.9 trillion, of which N3.6 trillion is for statutory transfers; N14.3 trillion is for the debt service; N13.6 trillion is for recurrent (non-debt) expenditure while the sum of N23.9 trillion is for contribution to the development fund for capital expenditure for the year ending 31st December, 2025.”

After the report was laid, Speaker Abbas Tajudeen who presided over the session said the House would go on break and resume at 1:30pm to consider the report.

“Right Honourable colleagues, we will take a short break to resume by 1:30pm to continue with the consideration of the report of the Appropriation Bill,” he said.

Going by recent antecedents, after the consideration by the Committee of Supply chaired by the Speaker, the House would suspend its relevant rules and pass the budget (Appropriation Bill) through third (final) reading.