N54.9 TRILLION 2025 BUDGET SET FOR PASSAGE BY HOUSE OF REPRESENTATIVES

The House of Representatives is poised to pass the N54.9 trillion budget for the 2025 financial year, increasing the initial proposal by about N700 billion. The budget breakdown includes N3.6 trillion allocated for statutory transfers, N14.3 trillion for debt servicing, N13.6 trillion for recurrent (non-debt) expenditure, and N23.9 trillion for capital expenditure.

President Bola Tinubu had written to the National Assembly, requesting an increase in the earlier budget proposal from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies. This move is part of Tinubu’s fiscal expansion strategy to boost economic growth, enhance public services, and strengthen Nigeria’s revenue base.

Chairman of the Appropriations Committee, Hon. Abubakar Bichi, presented the report, saying, “The House do receive the report of the Committee on Appropriations for the Bill of an Act to authorise the issue from the consolidated revenue fund of the federation the total sum of N54.9 trillion.”

Speaker Abbas Tajudeen, who presided over the session, announced that the House would resume consideration of the report at 1:30 pm. “Right Honourable colleagues, we will take a short break to resume by 1:30 pm to continue with the consideration of the report of the Appropriation Bill,” he said.

The House is expected to suspend its relevant rules and pass the budget through third (final) reading after consideration by the Committee of Supply chaired by the Speaker.