House of Reps Approves ₦54.99 Trillion 2025 Budget
The House of Representatives on Thursday passed the ₦54.99 trillion 2025 Appropriation Bill. According to the presidency, the budget is designed to address critical national financial obligations. Key allocations include: Statutory Transfers: ₦3.645 trillion set aside for constitutionally mandated entities. Debt Servicing: ₦14.317 trillion allocated to managing Nigeria’s debt burden. Recurrent Expenditure: ₦13.64 trillion for salaries, overheads, and government operations. Capital Projects: ₦23.963 trillion earmarked for infrastructure development and economic growth under the development fund. Last week, President Bola Tinubu increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion before seeking legislative approval. Call for Timely Budget Submission Chairman of the House Committee on Appropriations, Abubakar Bichi, emphasized the need for the executive to submit future budgets earlier to maintain the January-to-December fiscal cycle. While presenting the bill, Bichi noted that the committee engaged extensively with the Presidential Economic Planning team to review revenue projections and expenditure plans. He also acknowledged that the 2025 budget was presented later than its 2024 counterpart and urged the executive to submit future appropriation bills at least three months before the financial year begins, allowing sufficient time for legislative scrutiny and approval.
