In a landmark decision, the House of Representatives has passed the 2025 Budget totaling ₦54.99 trillion.
The passage of the budget sets a significant course for the nation’s economic development, with a detailed breakdown highlighting key allocations that reflect the government’s priorities for the coming year.
Key Budget Allocations:
- Total Expenditure: ₦54.99 trillion
- Statutory Transfers: ₦3.645 trillion
- Debt Servicing: ₦14.317 trillion
- Recurrent Expenditure: ₦13.64 trillion
- Capital Expenditure (Development Fund): ₦23.963 trillion
The bill’s passage follows an important revision by President Bola Tinubu, who raised the 2025 fiscal year budget from an initial ₦49.7 trillion to ₦54.2 trillion, requesting approval from both the Senate and the House.
This adjustment reflects additional revenue projections from various government agencies, showcasing the administration’s proactive approach to fiscal management and economic growth.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.
He 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.
This recommendation is aimed at preserving the January to December budget cycle for improved fiscal planning and execution.
The passage of this ₦54.99 trillion budget signifies the government’s commitment to driving economic growth, addressing public sector needs, and prioritizing development through strategic capital expenditure.
With a focus on infrastructure, debt management, and public service, the 2025 Appropriation Bill sets the stage for transformative policy implementation in the new fiscal year.
As Nigeria continues to navigate its fiscal challenges, this budget represents a critical tool for economic stability and progress, with lawmakers and the executive working in tandem to shape the country’s financial future.
