- Urges Tinubu To Present Budgets To NASS Three Months Before New Fiscal Year
The National Assembly, comprising the Senate and the House of Representatives have passed the ₦54.99trn 2025 Appropriation Bill presented before it by President Bola Ahmed Tinubu.
The bill was passed separately by the upper and lower chambers on Thursday, February 13, 2025.
The Bill was passed after the upper chamber 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.
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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%.
It would be recalled that President Bola Tinubu had on February 5 raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.
The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary by the Senate President, Godswill Akpabio.
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According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
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), with fiscal deficit put at N13.08trn.
The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.
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.
