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The National Assembly has approved a ₦54.9 trillion budget for the 2025 fiscal year, increasing the initial proposal by ₦700 billion from ₦54.2 trillion.
The approval follows President Bola Tinubu’s request to raise the budget from the originally proposed ₦49.7 trillion, citing additional revenue generated by key government agencies.
During Thursday’s plenary session, the Senate and House Committees on Appropriations presented their reports, detailing allocations for statutory transfers, debt servicing, recurrent expenditure, and capital projects.
Senator Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, along with his House counterpart, Abubakar Bichi, confirmed that the funds would be sourced from the Consolidated Revenue Fund of the Federation.
With this approval, the 2025 budget will guide Nigeria’s fiscal operations until December 31, 2025.
