The National Assembly on Thursday passed the ₦54.99 trillion 2025 Appropriation Bill, with both the Senate and the House of Representatives separately approving the budget.

A breakdown of the budget allocation includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion for capital expenditure (development fund). The fiscal deficit was pegged at ₦13.08 trillion, with a deficit-to-GDP ratio of 1.52%.

Last week, President Bola Tinubu increased the proposed 2025 fiscal budget from ₦49.7 trillion to ₦54.2 trillion, seeking swift approval from both legislative chambers.

While presenting the bill for consideration, Abubakar Bichi, Chairman of the House Committee on Appropriations, stated that the committee engaged with the Presidential Economic Planning Team to further discuss revenue projections and expenditure plans.

Bichi also noted that the 2025 Appropriation Bill was submitted later than the 2024 budget and urged the executive branch to present future budgets at least three months before the next financial year to ensure the continuation of the January-December budget cycle.