Abba Onyekachukwu, Abuja.
The National Assembly has passed a record N54.9 trillion budget for the 2025 financial year, marking a significant increase from the initial proposal of N54.2 trillion. This development comes after President Bola Tinubu requested an increase in the initial budget proposal from N49.7 trillion to N54.2 trillion, citing additional revenue.
According to Senator Solomon Olamilekan, Chairman of the Senate Committee on Appropriation, 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.
This budget is a significant increase from the previous year’s budget, with a 41.9% increase from N49.74 trillion. The budget has been dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity” and prioritizes key areas such as defense and security, infrastructure, education, and health ¹.
President Tinubu presented the 2025 Budget Proposal to the National Assembly in a joint legislative session, outlining a comprehensive plan to drive economic growth, reduce poverty, and enhance human capital development ². The budget proposal includes an expected economic growth of 3.0 percent, according to global projections, and a growth of 3.46% up from 2.49% in the previous year.
The National Assembly’s passage of the budget marks a significant step towards implementing the government’s plans for economic growth and development.
