National Assembly Passes Tinubu’s ₦54.99 Trillion 2025 Budget

The National Assembly has passed the ₦54.99 trillion 2025 budget proposed by President Bola Tinubu.

Both the Senate and the House of Representatives passed the bill separately today, Thursday, February 13.

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

The fiscal deficit stands at ₦13.08 trillion, with a deficit-to-GDP ratio of 1.52%.

Last week, President Tinubu increased the proposed budget from ₦49.7 trillion to ₦54.2 trillion and sought approval from the National Assembly.

During the bill presentation, Abubakar Bichi, Chairman of the House Committee on Appropriations, revealed that the committee had met with the Presidential Economic Planning team to review revenue estimates and spending plans.

He noted that the 2025 budget was submitted later than the previous year’s and urged the executive to ensure future budgets reach the National Assembly at least three months before the new financial year.

This, he said, would help maintain the January-to-December budget cycle.

KanyiDaily recalls that President Bola Tinubu initially presented the 2025 budget proposal of N49.7 trillion to the National Assembly during a joint session in December 2024.