National Assembly Passes 2025 Budget, Raises Value to N54.99trn

By Modupe Gbadeyanka

The National Assembly comprising the Senate and the House of Representatives has passed the 2025 budget presented last year by President Bola Timubu.

The 2025 Appropriation Bill was increased by the federal lawmakers from N49.7 trillion to N54.99 trillion when it was passed on Thursday, February 13, 2025.

At the Senate today, the budget was approved after its committee submitted its report at the plenary.

The key components of the budget include statutory transfers of N3.65 trillion, recurrent (non-debt) expenditure of N13.64 trillion, capital expenditure of N23.96 trillion, debt servicing of N14.32 trillion, fiscal deficit of N13.08 trillion and deficit-to-GDP ratio of 1.52 per cent.

At the House of Representatives, lawmakers passed the budget and increased it to N54.990 trillion after the report was laid before the house.

The chairman of the Appropriation Committee, Mr Abubakar Bichi, after presenting the report, had the bill considered on a clause-by-clause basis.

Recall that in December 2024, Mr Tinubu presented a budget of N49.7 trillion for 2025 to a joint session of the National Assembly. He later approached the parliament on February 5, 2025, through a letter to raise the amount to N54.2 trillion, saying it was based on additional revenues generated by key government agencies, including the Federal Inland Revenue Service (N1.4 trillion), Nigeria Customs Service (N1.2 trillion), and other government-owned agencies (N1.8 trillion).