By Busari Kabirat
The budget for the 2025 financial year has been passed by the National Assembly which is totalled N54.9 trillion.
The budget which was increased with initial proposal by N700 billion from N54.2 trillion.
Breakdown of the budget 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.
The Nigerian president, Bola Ahmed Tinubu, initially wrote the National Assembly, soliciting increment in the budget proposal from N49.7 trillion to N54.2 trillion, noting that the review was due to generated additional revenue by key government agencies.
The budget had on Thursday been approval by the Senate and House Committees following the presentation of reports on appropriations during plenary.
Reports while presented was Senator Olamilekan Adeola (APC, Ogun), Chairman of the Senate Committee on Appropriations together with Abubakar Bichi (APC, Kano), said: “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.”
