The House of Representatives on Thursday approved the ₦54.99 trillion 2025 Appropriation Bill, a week after President Bola Tinubu revised the initial budget proposal.
The budget breakdown 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).
Last week, President Tinubu increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion before seeking approval from both the Senate and the House of Representatives.
Presenting the bill for consideration, Chairman of the House Committee on Appropriations, Abubakar Bichi, said the committee had engaged with the Presidential Economic Planning team to review revenue projections and expenditures for the fiscal year.
He noted that the 2025 budget was submitted later than its 2024 counterpart and urged the executive to ensure future budgets reach the National Assembly at least three months before the next financial year, maintaining the January-December budget cycle.
