The National Assembly has approved a N54.9 trillion budget for the 2025 fiscal year, raising it by N700 billion from the initial N54.2 trillion proposal.
The increase follows President Bola Tinubu’s request to expand the budget from the originally proposed N49.7 trillion, citing additional revenue generated by key government agencies.
During Thursday’s plenary session, the Senate and House Committees on Appropriations presented their reports, outlining allocations for statutory transfers, debt servicing, recurrent expenditure, and capital projects.
Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, along with his House counterpart, Abubakar Bichi, confirmed that the funds would be sourced from the Consolidated Revenue Fund of the Federation.
With this approval, the 2025 budget will govern the country’s fiscal operations until December 31, 2025.
