The National Assembly has passed the sum of N54,990,165,355,396 Appropriation Bill into law for the 2025 fiscal year.
The 2025 Budget was passed on Thursday by the both chambers of the National Assembly after due consideration.
The passage of the bill followed a recent revision by President Bola Tinubu, who raised the budget from an initial N49.7 trillion to N54.2 trillion.
The president said the adjustment was based on additional revenue projections from various government agencies.
The Chairman, House Committee on Appropriations, Abubakar Bichi, while presenting the report for consideration before the House, noted that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
He pointed out that the 2025 Appropriation Bill was presented late compared to that of 2024.
Against this background, Bichi urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.
A breakdown of the approved budget showed that the total sum of N54,990,165,355,396 was passed, out of which N3,645,761,358,925 is for Statutory Transfers; N14,317.142,689,548 is for Debt Service; N13,064,009,682,673 is for Recurrent (Non-Debt) Expenditure, while the sum of N23,963,251,624,250 only is for contribution to the Development Fund for Capital Expenditure.
