The National Assembly has passed the N54.9 trillion 2025 Appropriation Bill, following the adoption of the report presented by the Chairman of the Senate Committee on Appropriations, Sen. Solomon Adeola (APC-Ogun).
According to the News Agency of Nigeria (NAN), the approved budget includes an aggregate expenditure of N54.9 trillion, with statutory transfers amounting to N3.6 trillion and recurrent expenditure set at N13.6 trillion. Capital expenditure was allocated N23.9 trillion, while N14.3 trillion was earmarked for debt servicing. The fiscal deficit stands at N13.8 trillion, representing 1.52% of GDP.
Sen. Adeola recalled that the Senate had debated the general principles of the budget on December 19, 2024, leading to its second reading before referral to the Appropriations Committee for further scrutiny. He noted that the executive initially proposed a budget of N49.7 trillion. However, after consultations with the president’s economic team, additional revenue was sourced from various revenue-generating agencies, leading to an upward revision to N54.9 trillion.
The senator explained that the increase was necessary to address discrepancies between the initial proposal and specific budgetary details, fund vaccine procurement, and provide additional resources for key government agencies. He emphasized that collaboration between the National Assembly and the executive was instrumental in securing extra funds for critical projects that were underfunded in the initial budget.
Adeola also highlighted concerns about the delayed presentation of the 2025 budget compared to the 2024 version. He urged the executive to submit future budgets at least three months before the new financial year to maintain the January-December budget cycle.
