NASS approves ₦54.99trn 2025 budget.

The National Assembly cleared the ₦54.99trn 2025 Appropriation Bill.

The Senate and House of Representatives passed the bill independently.

A breakdown of the budget shows N3.645 trillion for statutory transfers, N14.317 trillion for debt payment, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit of N13.08 trillion.

The Deficit to Gross Domestic Product (GDP) Ratio was set at 1.52%.
Last week, President Bola Tinubu upped the 2025 fiscal year budget from N49.7 trillion to N54.2 trillion, seeking approval from the Senate and the House of Representatives.

While presenting the bill for consideration, the Chairman of the House Committee on Appropriations, Abubakar Bichi, stated that the committee had met with the Presidential Economic Planning team to discuss revenue estimates and expenditures for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was introduced later than the 2024 bill.

He asked the executive to deliver following budgets to the National Assembly no later than three months before the next fiscal year, in order to continue the January-December budget cycle.