The National Assembly has passed the N54.9 trillion budget for the 2025 financial year, increasing the initial proposal by N700 billion from N54.2 trillion.
The budget breakdown 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.
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.
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 on Thursday.
Presenting the report, Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House counterpart, 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.”
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