By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s HOUSE of Representatives has passed the ₦54.99 trillion budget for the 2025 fiscal year, saying it marks a significant step in the country’s economic planning.
Lawmakers approved the appropriation bill on Thursday after Abubakar Bichi, Chairman of the House Committee on Appropriations, presented the report for consideration.
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 earmarked for capital projects under the development fund.
The passage aligns with the Senate’s approval, finalising the legislative process.
President Bola Tinubu had earlier revised the initial ₦49.7 trillion budget to ₦54.2 trillion before seeking legislative approval.
The House Committee on Appropriations engaged with the Presidential Economic Planning team to refine revenue projections and expenditure estimates before adopting the final figures.
Bichi noted that the 2025 budget arrived later than the previous year’s, urging the executive to ensure future proposals reach the National Assembly at least three months before the financial year begins.
He stressed that maintaining the January-to-December budget cycle is crucial for effective fiscal planning and implementation.
Details expected . . .
