BREAKING: Reps pass ₦54.99tn 2025 budget

The House of Representatives, on Thursday, passed the ₦54.99 trillion 2025 Appropriation Bill.

The presidency says the ₦54.99 trillion budget is structured to address key national financial commitments.

Statutory transfers account for ₦3.645 trillion, ensuring funding for constitutionally mandated entities.

A significant portion, ₦14.317 trillion, is allocated to debt servicing, reflecting Nigeria’s ongoing fiscal obligations.

Recurrent expenditure, covering salaries, overheads, and government operations, takes up ₦13.64 trillion, while the highest allocation, ₦23.963 trillion, is earmarked for capital projects under the development fund, aimed at infrastructure growth and economic expansion.

Last week, President Bola Tinubu raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, seeking legislative approval.

More details to follow…