2025 Budget of N54.9trn Passed by National Assembly
The Nigerian National Assembly has approved a ₦54.9 trillion budget for the 2025 fiscal year, marking an increase of approximately ₦700 billion from President Bola Tinubu’s initial proposal of ₦54.2 trillion.
Budget Breakdown:
- Statutory Transfers: ₦3.65 trillion
- Debt Service: ₦14.32 trillion
- Recurrent (Non-Debt) Expenditure: ₦13.06 trillion
- Capital Expenditure: ₦23.96 trillion
- Fiscal Deficit: ₦13.8 trillion, representing 3.89% of the Gross Domestic Product (GDP)
The budget’s passage follows President Tinubu’s recent request for an upward revision, citing additional revenue from government agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.
The approved budget now awaits presidential assent to become law.