On Thursday, the National Assembly passed the ₦54.99 trillion 2025 Appropriation Bill.
According to reports, a total amount of N3.645 trillion was for statutory transfers, N14.3 trillion for debt servicing, N13.6 trillion for recurrent expenditure, and N23.9 trillion for capital expenditure with fiscal deficit put at N13.08trn.
The Senate and House of Representatives passed the bill independently.
The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.
Last week, President Bola Tinubu increased the 2025 fiscal year budget from N49.7 trillion to N54.2 trillion, seeking approval from the Senate and the House of Representatives.
While presenting the bill for consideration, the Chairman of the House Committee on Appropriations, Abubakar Bichi, stated that the committee had met with the Presidential Economic Planning team to discuss revenue estimates and expenditures for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was introduced later than the 2024 bill.
He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year to maintain the January to December budget cycle.
