The National Assembly has approved a record-breaking N54.9 trillion federal government’s budget for the 2025 financial year, further increasing the initial proposal by N746 billion from N54.2 trillion.
The approved budget allocates funds to various sectors, including N3.65 trillion for statutory transfers, N14.32 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.96 trillion for capital expenditure.
Persecondnews had reported that President Bola Tinubu had on Wednesday February 5, 2025 written to the National Assembly, requesting an increase in the initial budget proposal from N49.7 trillion to N54.2 trillion.
The President attributed the budget review to the significant additional revenue generated by key government agencies.
The approval of the budget came after the Senate and House Committees on Appropriations presented their reports during Thursday’s plenary session.
Chairman of the Senate Committee on Appropriations, Sen. Olamilekan Adeola (APC, Ogun), and his House counterpart, Rep. Abubakar Bichi (APC, Kano), presented the report and 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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