The House of Representatives has Approved the ₦54.99 trillion 2025 Appropriation Bill on Thursday.
The presidency highlighted that the ₦54.99 trillion budget is drafted to consider strategic national financial commitments.
Statutory transfers pegs at ₦3.645 trillion, accounting for constitutionally important entities.
A significant portion, ₦14.317 trillion, is accounted to debt servicing, showcasing Nigeria’s ongoing fiscal obligations.
Recurrent expenditure, covering salaries, overheads, and government operations, sums up ₦13.64 trillion, while the highest allocation, ₦23.963 trillion, is considered for capital projects under the development fund, aimed at infrastructure growth and economic expansion.
Recently, President Bola Tinubu raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, demanding approval from legislatures.
Abubakar Bichi, the Chairman of the House Committee on Appropriations, has advised the executive to consider early submission of subsequent budgets to the National Assembly in upholding the January-to-December budget cycle.
While rendering the 2025 Appropriation Bill for consideration, Bichi explained that the committee had soughted explicitly with the Presidential Economic Planning team to vett revenue projections and expenditure plans for the fiscal year.
He emphasized that the 2025 budget was submitted later than that of 2024, buttressing the need for earlier submissions.
He, therefore, called on the executive to submit future appropriation bills to the legislature no later than three months before the opening of the financial year to allow enough time for proper legislative review and approval.
