February 13, 2025
The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill. This followed the adoption of the report of the Committee on Appropriations on the bill.
The budget, titled A Bill for an Act to Authorize the Issue from the Consolidated Revenue Fund of the Federation, was approved after deliberations on its allocations and implications for economic growth, debt management, and infrastructure development.
The Chairman of the National Assembly, Godswill Akpabio, who is also the President of the Senate, gave the breakdown of the 2025 Budget to show that Statutory Transfers: ₦3.65 trillion, Debt Servicing: ₦14.32 trillion, Recurrent (Non-Debt) Expenditure: ₦13.06 trillion, and Capital Expenditure: ₦23.96 trillion.
The report was presented by Chairman of the Committee, Sen. Solomon Adeola (APC-Ogun). Highlights of the passed 2025 appropriation bill indicates an aggregate expenditure of N54.9 trillion, statutory transfers of N3.6 trillion, with recurrent expenditure put at N13.6 trillion.
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While the sum of N23.9 trillion was earmarked for capital expenditure, debt servicing was put at N14.3 trillion, fiscal deficit N13.8 trillion, while 1.52 per cent was approved as deficit and GDP.
The senator said that the initial proposal of the executive was N49.7 trillion. He, however, said while processing the bill, the joint committee on appropriations met the president’s economic team to discuss the revenue projection and expenditure of the appropriation bill.
“After series of meetings, the Committee on Finance, in conjunction with our committee, sourced for additional revenue from some revenue-generating agencies,” he said.
Adeola said that the additional fund was made possible because of the increase in revenue by some of the revenue-generating agencies. He further stated that some agencies of government provided funds to take care of critical needs.
The lawmaker said that the upward review of the budget from N49.7 trillion to N54.9 trillion was to cater for the difference between the details and the bill, procurement of vaccines and additional funding to some government agencies.
