By Abiola Olawale
President Bola Ahmed Tinubu on Friday, signed the N54.99 trillion 2025 Appropriation Bill into law, a move that has reportedly ended the pause in expenditure in many federal government organizations.
The signing ceremony took place at the Presidential Villa in Abuja, attended by key government officials, including the leadership of the National Assembly.
The budget represents a 99.96% increase from the 2024 budget of N27.5 trillion.
The President stated that the increase reflects his administration’s ambitious vision to address pressing national challenges while fostering economic growth, security, and development.
The New Diplomat reports that the journey to the N54.99 trillion budget began in December 2024, when Tinubu presented an initial budget proposal of N47.9 trillion to the National Assembly.
Titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” Tinubu, during the budget presentation, said that it aimed to stabilize the economy, reduce poverty, enhance security, and promote human capital development.
However, subsequent revisions saw the budget increase to N49.7 trillion, and later, following additional revenue projections, Tinubu requested an upward adjustment to N54.2 trillion in early February 2025.
This request was premised on extra revenues generated by key agencies such as the Federal Inland Revenue Service (FIRS), which contributed N1.4 trillion, the Nigeria Customs Service (NCS) with N1.2 trillion, and other government entities collectively adding N1.8 trillion.
The National Assembly, after rigorous deliberations and reported consultations with the Presidential Economic Planning team, further increased the budget to N54.99 trillion before passing it on February 13, 2025.
Below is a key breakdown of the 2025 budget;
Total Expenditure: ₦54.99 trillion
Statutory Transfers: ₦3.65 trillion
Recurrent (Non-Debt) Expenditure: ₦13.64 trillion
Capital Expenditure: ₦23.96 trillion
Debt Servicing: ₦14.32 trillion
Deficit-to-GDP Ratio: 1.52%
