In a landmark move, the Senate has officially passed the 2025 Appropriation Bill, marking a significant milestone in the country’s fiscal planning.
The Bill outlines a total expenditure of ₦54.99 trillion, a key financial blueprint that sets the tone for Nigeria’s economic agenda in the coming year.
The comprehensive budget incorporates substantial allocations across several critical sectors, including recurrent spending, capital development, and debt servicing. The fiscal plan also reflects a projected deficit, carefully crafted to balance Nigeria’s immediate needs with long-term growth strategies.
Key Budget Highlights:
- Total Expenditure: ₦54.99 trillion
- Statutory Transfers: ₦3.65 trillion
- Recurrent (Non-Debt) Expenditure: ₦13.64 trillion
- Capital Expenditure: ₦23.96 trillion
- Debt Servicing: ₦14.32 trillion
- Fiscal Deficit: ₦13.08 trillion
- Deficit-to-GDP Ratio: 1.52%
In a significant adjustment, President Bola Tinubu revised the initial budget proposal upwards from ₦49.7 trillion to ₦54.2 trillion on February 5, citing increased revenue streams from key government agencies.
The revised budget was officially communicated to both the Senate and House of Representatives, with Senate President Godswill Akpabio reading the letters during plenary today.
The revised budget reflects ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
This adjustment underscores the government’s commitment to maintaining fiscal responsibility while ensuring that key developmental and economic goals are achieved.
The budget’s passage is expected to play a pivotal role in shaping Nigeria’s economic trajectory, with a focus on capital investments, infrastructure growth, and addressing debt obligations in a sustainable manner.
As the country continues its journey towards economic recovery and growth, the passage of this budget serves as a powerful statement of intent, setting the stage for strategic investments and fiscal management that will impact every facet of Nigerian society in the coming year.
