The House of Representatives has approved the ₦54.99 trillion budget for the 2025 fiscal year.
The budget includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenses, and ₦23.963 trillion for capital projects.
Last week, President Bola Tinubu raised the initial budget proposal from ₦49.7 trillion to ₦54.2 trillion and sought approval from the National Assembly.
Presenting the bill, House Committee on Appropriations Chairman Abubakar Bichi said discussions were held with the Presidential Economic Planning team to review revenue projections and expenditures.
He noted that the budget was submitted later than the previous year’s and advised the executive to present future budgets at least three months before the new financial year to maintain the January-to-December cycle.
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