Nigeria’s National Assembly Passes N54.9 Trillion Budget With N700 Billion Increase

The National Assembly has passed a whopping N54.9 trillion budget for the 2025 financial year.

This is a significant increase from the initial proposal of N54.2 trillion, with an additional N700 billion added to the pot.

Here’s a breakdown of how the budget will be allocated:
Statutory Transfers: N3.6 trillion

Debt Service: N14.3 trillion

Recurrent (Non-Debt) Expenditure: N13.6 trillion

Capital Expenditure: N23.9 trillion

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 generated by key government agencies.

The budget approval followed the presentation of reports by the Senate and House Committees on Appropriations during plenary on Thursday.

Presenting the report, Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House counterpart, Hon. Abubakar Bichi (APC, Kano), stated:

“The House receives the report of the Committee on Appropriations for the Bill of an Act to authorize the issuance of the total sum of N54.9 trillion from the Consolidated Revenue Fund of the Federation.

This 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 the Development Fund for capital expenditure for the year ending December 31, 2025.”