By Abiola Olawale
The National Assembly has officially approved a substantial budget of N54.9 trillion for the upcoming 2025 financial year.
The figure represents an increase of N700 billion from the initial proposal of N54.2 trillion presented by President Bola Ahmed Tinubu.
The budget breakdown includes: N3.6 trillion for statutory transfers, N14.3 trillion for debt service, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for capital expenditure.
The budget approval followed the presentation of reports by the Senate and House Committees on Appropriations during plenary on Thursday.
Presenting the report, the Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun), and his House counterpart, Abubakar Bichi (APC, Kano), said: “The House receives the report of the Committee on Appropriations for the Bill of an Act to authorize the issuance of the total sum of N54.9 trillion from the Consolidated Revenue Fund of the Federation.
“This includes N3.6 trillion for statutory transfers, N14.3 trillion for debt service, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for the Development Fund for capital expenditure for the year ending December 31, 2025.”
The New Diplomat reports that a notable portion of the budget, around 4.91 trillion naira, has been allocated to defence and security.
With an allocation of N4.06 trillion naira, infrastructure development also remains a priority of Tinubu’s administration.
The health sector is set to receive about 2.48 trillion naira, with additional funds earmarked for the Basic Health Care Fund.
Education has been budgeted 3.52 trillion naira, while pushing for educational reforms, infrastructure development in schools, and support for higher education institutions.
A significant chunk, 15.81 trillion naira, is allocated to debt servicing.
The budget anticipates a decline in inflation from 34.6% to 15% by the next year and an improvement in the exchange rate from 1,700 naira to 1,500 naira per US dollar.
