The Senate on Thursday passed the 2025 Appropriation Bill into law.
The Senate passed the bill into law after reviewing its key components, which detail a total expenditure of ₦54.99 trillion.
The budget allocates significant funds for recurrent spending, capital projects, debt servicing, and projects a fiscal deficit.
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%.
President Bola Tinubu had raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion on February 5, citing additional revenue from key government agencies.
This budget adjustment was communicated in letters sent to both the Senate and the House of Representatives, which were read out during plenary by Senate President, Godswill Akpabio.
The increase is attributed to ₦1.4 trillion from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion from other government agencies. (vitalnewsngr.com)
