Breaking: National Assembly passes N54.99t 2025 Budget

The National Assembly on Thursday passed the N54.99 trillion 2025 Appropriation Bill, increasing the budget estimates by N719 billion.

Both the Senate and House of Representatives passed the budget from President Bola Tinubu separately at their plenary sessions.

The budget was passed a week after President Tinubu increased the 2025 fiscal year budget from an initial N49.7 trillion to N54.2 trillion, seeking approval from the Senate and House of Representatives.

A breakdown of the budget showed N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion capital expenditure (development fund), with fiscal deficit put at N13.08 trillion.

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While presenting the bill before the Senate for consideration, the Chairman, Senate Committee on Appropriations, Senator Adeola Olamilekan, said the Joint Committee of the National Assembly worked harmoniously with the Executive on the budget.

Olamilekan said the budget was increased by N700 billion to cater for the N270 billion differential between the details of the budget and the bill.

He added that the provision of N300 billion for the procurement of vaccines and drugs and some agencies were provided with funds to take care of critical needs.