The 10th National Assembly has passed the ₦54.9 trillion Budget for the 2025 financial year, increasing the initial proposal by ₦700 billion from ₦54.2 trillion.
The budget breakdown includes: ₦3.6 trillion for statutory transfers; ₦14.3 trillion for debt service; ₦13.6 trillion for Recurrent (non-debt) expenditure, and ₦23.9 trillion for Capital expenditure.
President Bola Tinubu had earlier written to the 10th National Assembly, requesting an increase in the initial budget proposal from ₦49.7 trillion to ₦54.2 trillion. He said the review was due to additional revenue generated by key government agencies.
The Budget approval followed the presentation of reports by the Senate and House Committees on Appropriations during plenary yesterday.
Presenting the report, Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, and his House counterpart, Abubakar Bichi, said: “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 ₦54.9 trillion from the Consolidated Revenue Fund of the Federation.
“This includes ₦3.6 trillion for statutory transfers, N14.3 trillion for debt service, ₦13.6 trillion for recurrent (non-debt) expenditure, and ₦23.9 trillion for the Development Fund for capital expenditure for the year ending December 31, 2025”.
