The N54,990,165,355, 396 Appropriations Bill for the fiscal year 2025 was approved by the National Assembly yesterday.

After careful deliberation, both houses of the National Assembly passed the budgetary law at the same time.

The bill was passed after President Bola Tinubu recently revised the budget, increasing it from N49.7 trillion to N54.2 trillion.

According to Tinubu, the change was made in light of new revenue estimates from different government departments.

During plenary, Senator Solomon Adeola, the chairman of the Senate Committee on Appropriations, and Hon. Abubakar Bichi, his counterpart in the House, submitted the joint report to their peers.

In order to further review revenue predictions and expenditures for the 2025 Appropriation Bill, the joint committee convened with the Presidential Economic Planning team, according to the report.

According to the source, the 2025 Appropriations Bill was introduced later than the 2024 one.

In order to preserve the January to December budget cycle, it advised the administration to submit any further budgets to the National Assembly no later than three months before to the next fiscal year.

According to a breakdown of the approved budget, N54,990,1 65,355, 396 was passed in total.

Statutory transfers totaled N3,645,761,358,925; debt service cost N14,317.142,689,548; recurring (non-debt) expenses cost N13,064,009,682,673; and contributions to the Development Fund for Capital Expenditure totaled N23,963, 251,624,250.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.