Nigerian National Assembly Approves ₦54.99 Trillion 2025 Budget

The Nigerian National Assembly has approved a budget of ₦54.99 trillion ($36.6 billion) for the 2025 fiscal year, marking a significant increase from the initial proposal of ₦49.7 trillion by President Bola Tinubu. This revised budget reflects enhancements in expected revenues from tax collections and other government agencies, prompting lawmakers to exercise their authority to adjust the figures before passing the appropriation bill. Key allocations within the budget include ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion earmarked for capital expenditure. The fiscal deficit is projected at ₦13.08 trillion, with a deficit-to-GDP ratio of 1.52%. This approval comes as lawmakers emphasized the need for future budgets to be presented earlier to maintain a consistent January-to-December budget cycle. The approved budget will now be sent to President Tinubu for his assent, as required by constitutional procedures.