The National Assembly has approved a ₦54.99 trillion budget for the 2025 fiscal year, marking a significant increase from the initial proposal of ₦49.7 trillion submitted by President Bola Tinubu.
Key Allocations:
Statutory Transfers: ₦3.65 trillion
Recurrent Expenditure: ₦13.64 trillion
Capital Expenditure: ₦23.96 trillion
Debt Servicing: ₦14.32 trillion
Fiscal Deficit: ₦13.08 trillion
The budget emphasizes capital investments, with ₦23.96 trillion allocated for infrastructure and development projects. However, debt servicing remains substantial at ₦14.32 trillion, reflecting ongoing concerns about the nation’s debt profile.
The increase in the budget is attributed to additional revenues generated by key government agencies, including the Federal Inland Revenue Service (₦1.4 trillion), Nigeria Customs Service (₦1.2 trillion), and other government-owned entities (₦1.8 trillion).
Despite the legislative approval, President Tinubu has yet to sign the budget into law, as it is still pending transmission from the National Assembly. Minister of Budget and Economic Planning, Atiku Bagudu, assured that the President would assent to the budget promptly upon receipt.
