By Jemimah Wellington, JKNewsMedia Reporter
SENATE AND House of Representatives Approve ₦54.99 Trillion Budget with ₦750 Billion Increase
Economic priorities have reshaped Nigeria’s fiscal landscape as the National Assembly passed the 2025 budget, raising the total sum to ₦54.99 trillion—an increase of approximately ₦750 billion from the initial proposal by President Bola Tinubu.
Lawmakers in the Senate and the House of Representatives approved the budget on Thursday after reviewing reports from their respective Appropriations Committees.
The Senate Committee of Supply evaluated the document before it was put to a voice vote, with Senate President Godswill Akpabio confirming its passage.
In the House of Representatives, Chairman of the Appropriations Committee, Abubakar Bichi, presented the breakdown before securing lawmakers’ approval.
The revised budget includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion allocated for capital projects.
This passage finalises the legislative process and aligns with the Senate’s approval.
President Tinubu initially proposed a ₦49.7 trillion budget but later revised it to ₦54.2 trillion before requesting an additional increase of ₦4.5 trillion.
In his letter to the National Assembly, he cited increased revenue projections from the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and other revenue-generating agencies as justification for the adjustments.
Additional Allocations Breakdown
Senator Adeola Olamilekan, Chairman of the Senate Committee on Appropriations, detailed how the additional ₦5.4 trillion was distributed.
The Solid Minerals Sector received ₦1 trillion, while ₦1.6 trillion was allocated for the recapitalisation of the Bank of Agriculture (BOA).
Infrastructure projects received ₦5 trillion, with ₦380 billion specifically allocated to irrigation development under the River Basin Development Authorities.
A total of ₦300 billion was set aside for the construction and rehabilitation of critical roads, while ₦400 billion went to developing light rail networks in urban centres.
Border communities secured ₦50 billion, while military and barracks upgrades received ₦250 billion.
An additional ₦120 billion was earmarked for military aviation projects.
Nigeria’s healthcare system will receive a ₦300 billion boost, equivalent to $200 million, in response to the funding gap caused by the United States’ suspension of certain health sector interventions.
These funds will support health programmes aimed at addressing emerging health challenges.
In addition, key institutions such as the Independent National Electoral Commission (INEC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), National Judicial Council (NJC), and the National Drug Law Enforcement Agency (NDLEA) received increased allocations.
House Appropriations Committee Chairman Abubakar Bichi noted that the 2025 budget approval came later than expected.
He urged the executive to ensure timely submission of future proposals, recommending that budget estimates be presented to the National Assembly at least three months before the financial year begins.
He also stressed the importance of maintaining the January-to-December budget cycle, noting that a predictable fiscal calendar enhances planning, execution, and accountability.
The approval of the 2025 budget reinforces Nigeria’s commitment to economic stability while addressing critical development needs across sectors.
