The Nigeria House of Senate has approved the 2025 Appropriation Bill, passing a total budget estimate of ₦54.99 trillion.
The budget includes allocations for statutory transfers, recurrent expenditures, capital projects, and debt servicing, with a fiscal deficit of ₦13.08 trillion.
Key breakdowns are as follows: Total Expenditure: ₦54.99 trillion; Statutory Transfers: ₦3.65 trillion; Recurrent (Non-Debt) Expenditure: ₦13.64 trillion; Capital Expenditure: ₦23.96 trillion; Debt Servicing: ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.
Recall that Tinubu initially proposed a ₦49.7 trillion budget, but increased it to ₦54.2 trillion on February 5 after reporting additional revenue generated by key agencies.
Read Also: Tinubu raises 2025 budget from ₦49.7trn to ₦54.2trn
In letters to the Senate and House of Representatives, read by Senate President Godswill Akpabio, Tinubu detailed the sources of the additional revenue: ₦1.4 trillion from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion from other government agencies.
Meanwhile, the House of Representatives had earlier passed the ₦54.99 trillion 2025 Appropriation Bill.