The National Assembly has passed a budget of N54.9 trillion for the 2025 financial year, increasing the initial proposal of N54.2 trillion by N700 billion.
The budget breakdown includes N3.6 trillion for statutory transfers, N14.3 trillion for debt service, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for capital expenditure.
LEADERSHIP reports that President Bola Tinubu had earlier written to the National Assembly requesting an increase in the initial budget proposal from N49.7 trillion to N54.2 trillion due to additional revenue from key government agencies.
The budget was approved after the Senate and House Committees on Appropriations presented reports during Thursday’s plenary.
Presenting the report, the chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House of Reps counterpart, Hon. Abubakar Bichi (APC, Kano), stated: “The House receives the report of the Committee on Appropriations for the Bill of an Act to authorise the issuance of the total sum of N54.9 trillion from the Consolidated Revenue Fund of the Federation.”
