The House of Representatives on Thursday passed the ₦54.99trn 2025 Appropriation Bill.
A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund).
Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.
He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.
The passed budget reads, “A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396(Fifty-Four Trillion, Nine Hundred and Ninety Billion One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only, of which N3,645,761,358,925 (Three Trillion, Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers.
Read Also:Katsina spends N1.8b on foodstuffs as against N390m on rural water supply agency capital expenditure “N14,317.142,689,548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira) only is for Debt Service, N13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only is for Recurrent (Non-Debt) Expenditure.
“…the sum of N23,963, 251,624,250 (Twenty-Three Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and Fifty-One Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the |Development Fund for Capital Expenditure for the year ending on the 31 December, 2025.”
