Abuja: The National Assembly has given its nod to the N54.9 trillion 2025 Appropriation Bill, marking a significant step in the nation’s fiscal planning. This decision was made following the presentation of the Appropriations Committee report.
According to News Agency of Nigeria, the report was brought before the lawmakers by Sen. Solomon Adeola, who chairs the Committee on Appropriations. The approved budget outlines an aggregate expenditure of N54.9 trillion, with statutory transfers amounting to N3.6 trillion and recurrent expenditure set at N13.6 trillion. Capital expenditure is allocated N23.9 trillion, debt servicing is pegged at N14.3 trillion, and the fiscal deficit stands at N13.8 trillion, with a deficit and GDP ratio of 1.52 percent.
Sen. Adeola highlighted that the senate had initially debated the bill’s general principles on December 19, 2024, leading to its second reading and subsequent referral to the committee for further scrutiny. The executive had originally proposed a budget of N49.7 trillion, but further discussions with the president’s economic team prompted adjustments.
The senator explained that meetings held by the joint committee on appropriations and the Committee on Finance with revenue-generating agencies led to the sourcing of additional funds. This increase in revenue from agencies allowed for an upward adjustment in the budget to address critical needs, such as vaccine procurement and additional support for government agencies.
Adeola emphasized that the collaborative efforts between the National Assembly and the executive branch were pivotal in maximizing the potential of additional revenue projections, ensuring enhanced funding for projects that were previously underfunded. He also noted that the 2025 appropriation bill was presented later than the previous year’s, urging the executive to submit future budgets at least three months before the start of the fiscal year to maintain a January-December budget cycle.