National Assembly passes N54.9 trillion 2025 budget

National Assembly passes N54.9 trillion 2025 budget

 …Increases Tinubu’s proposal by N719 billion

National Assembly yesterday passed the N54.9 trillion 2025 Appropriation Bill presented by President Bola Ahmed Tinubu.

  Both the Senate and House of Representatives passed the bill almost at the same time.

  The Bill was passed after the upper chamber reviewed key highlights of the bill, which outlines a total aggregate expenditure of N54.99 trillion.

  The Bill was passed after the National Assembly reviewed key highlights of the bill, which outlines a total aggregate expenditure of 54.99 trillion naira.

The budget breakdown includes significant allocations for recurrent spending, capital projects, and debt servicing, as well as a projected fiscal deficit.

  Key Budget Allocations include Total Expenditure: N54.99 trillion, Statutory Transfers: N3.65 trillion, Recurrent (non- debt) Expenditure: N13.64 trillion, Capital Expenditure: N23.96 trillion, Debt Servicing: N14.32 trillion, Fiscal Deficit: N13.08 trillion and Deficit-to-GDP Ratio: 1.52%.

On December 18, President Bola Tinubu presented N49,740,165,355,396 as the budget for 2025 before the joint sitting of the senate and house of representatives.

Tinubu, on February 5, asked the national assembly to raise the budget by N4,530,479,970,637.

But on Thursday, both chambers of the national assembly passed N54,990,165,355,396 as the 2025 budget, increasing it by N719,520,029,363.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

It maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.