News Update

THE House of Representatives has approved the N54.99 trillion budget for the 2025 fiscal year.

The budget includes N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenses, and N23.963 trillion for capital projects.

Last week, President Bola Tinubu raised the initial budget proposal from N49.7 trillion to N54.2 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.