The National Assembly has formally passed a N54.9 trillion budget for the 2025 financial year, increasing the initial proposal by N700 billion from N54.2 trillion.
The President Bola Tinubu’s recently requested to raise the budget from the originally proposed N49.7 trillion, citing additional revenue generated by key government agencies.
The Senate and House Committees on Appropriations presented their reports at Thursday’s plenary session, highlighting allocations for statutory transfers, debt servicing, recurrent expenditure, and capital projects.
The Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, alongside his House of Reps counterpart, Abubakar Bichi, confirmed that the funds would be drawn from the Consolidated Revenue Fund of the Federation.
The passed 2025 budget will guide the country’s fiscal operations until December 31, 2025.
