President Bola Tinubu on Friday signed the N54.99trn 2025 Budget into law
He signed the 2025 Appropriation Bill of ₦54.99 trillion into law in the presence of the leadership of the National Assembly and other senior government officials at the Presidential Villa.
The Nigerian Senate had lsst week passed the 2025 Appropriation Bill.
This budget, which includes allocations for statutory transfers, recurrent and capital expenditures, as well as debt servicing, marks a significant increase from the initial proposal presented by President Bola Tinubu.
The breakdown of the 2025 budget as approved by the Senate is as follows:
Total Expenditure: N54.99 trillion
Statutory Transfers: N3.65 trillion
Recurrent (Non-Debt) Expenditure: N13.64 trillion
Capital Expenditure: N23.96 trillion
Debt Servicing: N14.32 trillion
Fiscal Deficit: N13.08 trillion
Deficit-to-GDP Ratio: 1.52% .
The budget aims to stimulate economic growth, improve infrastructure, and address fiscal challenges, despite concerns about Nigeria’s rising debt profile.
Initially, President Tinubu proposed a N49.7 trillion budget for 2025.
However, following additional revenue projections from key government agencies, the proposed figure was revised upward to N54.2 trillion on February 5, 2024.
The final approved budget stands at N54.99 trillion after deliberations in the National Assembly.
According to Senate President Godswill Akpabio, the increase was justified by new revenue inflows from key agencies, which are expected to strengthen the fiscal framework for 2025.
(vitalnewsngr.com)
I
