The National Assembly has passed the ₦54.99 trillion 2025 Appropriation Bill. The bill was approved separately by both the Senate and the House of Representatives on Thursday.
The budget 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. The fiscal deficit is set at ₦13.08 trillion, with a Deficit-to-GDP ratio of 1.52%.
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Earlier this week, President Bola Tinubu increased the proposed budget from ₦49.7 trillion to ₦54.2 trillion, seeking approval from both chambers of the National Assembly. The Chairman of the House Committee on Appropriations, Abubakar Bichi, explained that the committee consulted with the Presidential Economic Planning team to review revenue projections and expenditure.
Bichi also noted that the 2025 budget was presented later than usual, urging the executive to submit future budgets at least three months before the start of the fiscal year to ensure the continuation of the January to December budget cycle.
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