National Assembly passes landmark ₦54.9tr 2025 budget

The National Assembly on Thursday passed the landmark ₦54.9 trillion 2025 Appropriation Bill, marking a significant increase from earlier projections.

The Senate and the House of Representatives approved the budget separately, paving the way for what is set to be one of the country’s most ambitious fiscal plans yet.

At the heart of the budget lies a complex financial puzzle: how to balance development aspirations with rising debt obligations.

A closer look at the numbers tells the story—₦3.645 trillion is allocated for statutory transfers, a staggering ₦14.317 trillion is earmarked for debt servicing, while recurrent expenditure is set at ₦13.64 trillion.

The bulk of the budget—₦23.963 trillion—is designated for capital expenditure, fueling hopes of infrastructural growth and economic revitalization. Despite these allocations, Nigeria faces a fiscal deficit of ₦13.08 trillion, with a Deficit-to-GDP Ratio pegged at 1.52%.

The passage of the budget followed President Bola Tinubu’s decision last week to revise the initial ₦49.7 trillion proposal upwards to ₦54.2 trillion, citing pressing economic realities.

READ ALSO: Senate to receive 2025 budget report by Thursday – Akpabio

This adjustment required fresh approval from lawmakers, signaling ongoing efforts to recalibrate spending priorities in an era of fluctuating global economic conditions and domestic financial strain.

Presenting the bill for consideration, the Chairman of the House Committee on Appropriations, Abubakar Bichi, said the committee engaged in extensive deliberations with the Presidential Economic Planning team to fine-tune revenue projections and expenditure.

He acknowledged the delay in presenting the 2025 budget compared to the previous year’s and stressed the need for the executive to adhere strictly to timely submissions.

“We urge the government to ensure future budgets are presented at least three months before the next financial year begins,”Bichi stated, reinforcing the National Assembly’s commitment to the January-to-December budget cycle.

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