The Senate on Thursday passed the 2025 Appropriation Bill.
The Bill was passed after the upper chamber reviewed key highlights of the bill, which outlines a total aggregate expenditure of 54.99 trillion naira.
The budget breakdown includes significant allocations for recurrent spending, capital projects, and debt servicing, as well as a projected fiscal deficit.
Key Budget Allocations include 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 and Deficit-to-GDP Ratio: 1.52%.
President Bola Tinubu had on February 5 raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.
The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary today by the Senate President, Godswill Akpabio.
According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
