House of Reps Passes Tinubu’s ₦54.99 Trillion 2025 Budget

The House of Representatives has approved President Bola Tinubu’s ₦54.99 trillion budget for the 2025 fiscal year.

The budget breakdown includes ₦3.645 trillion allocated for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenses, and ₦23.963 trillion for capital projects under the development fund.

Last week, President Tinubu raised the proposed budget from ₦49.7 trillion to ₦54.2 trillion before presenting it to the National Assembly for approval.

The Chairman of the House Committee on Appropriations, Abubakar Bichi, explained while presenting the bill that the committee held discussions with the Presidential Economic Planning team to review revenue projections and spending for the 2025 Appropriation Bill.

He noted that the 2025 budget proposal was submitted later than the 2024 budget.

Bichi urged the executive to ensure future budgets are submitted to the National Assembly at least three months before the start of the financial year to sustain the January-to-December budget cycle.