The House of Representatives has approved the ₦54.99 trillion 2025 Appropriation Bill.
This budget, an increase from the initially proposed ₦49.7 trillion, marks a critical milestone in Nigeria’s economic planning..
The breakdown of the budget allocation is as follows: Statutory Transfers: ₦3.645 trillion, Debt Servicing: ₦14.317 trillion, Recurrent Expenditure: ₦13.64 trillion and Capital Expenditure (Development Fund): ₦23.963 trillion.
Chairman of the House Committee on Appropriations, Abubakar Bichi, emphasized the collaborative effort involved in finalizing the bill.
He noted that consultations with the Presidential Economic Planning team were pivotal in refining revenue projections and expenditure allocations.
Addressing the delayed submission of the 2025 Appropriation Bill compared to previous years, Chairman Bichi urged the executive arm of government to adhere to the timeline of presenting subsequent budgets to the National Assembly at least three months before the commencement of the next financial year.
This, he stressed, is crucial for maintaining the January to December budget cycle.
President Bola Tinubu’s initiative to increase the initial budget proposal to ₦54.2 trillion underscored the administration’s commitment to addressing pressing national needs and sustaining economic growth.
The revised budget received thorough deliberation and scrutiny in both chambers of the National Assembly, reflecting a comprehensive approach to fiscal planning.
With the passage of the 2025 Appropriation Bill, attention now shifts to its implementation and the expected impacts on various sectors of the economy.
Stakeholders anticipate enhanced transparency and accountability in the execution of budgetary provisions aimed at promoting national development and improving citizens’ welfare.
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