The National Assembly has passed N54.9 trillion budget for 2025 financial year, increasing the initial proposal,with an increase of N700billion of the initial 54.2 trillion
Out of the total sum, N3.6 trillion is for statutory transfers; N14.3 trillion – debt service; N13.6 trillion – recurrent (non-debt) expenditure while the sum of N23.9 trillion is for capital expenditure.
Recall that President Bola Tinubu had written the National Assembly, requesting that the earlier budget proposal of N49.7 trillion be increased to N54.2 trillion because of the additional revenue generated by key agencies of government.
This followed the presentation and laying of the report of the Senate and House Committee on Appropriations at plenary on Thursday.
Presenting the report, Chairman Senate Commitee on Appropriation Senator Olamilekan Adeola (APC- OGun )state and the Appropriations Committee, chairman Hon. Abubakar Bichi (APC, Kano) said:
“The House do receive the report of the Committee on Appropriations for the Bill of an Act to authorise the issue from the consolidated revenue fund of the federation the total sum of N54.9 trillion, of which N3.6 trillion is for statutory transfers; N14.3 trillion is for the debt service; N13.6 trillion is for recurrent (non-debt) expenditure while the sum of N23.9 trillion is for contribution to the development fund for capital expenditure for the year ending 31st December, 2025.”
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