The National Assembly, on Thursday passed, the N54.99trillion 2025 Appropriation Bill.
The bill was passed separately by the Senate and the House of Representatives.
A breakdown of the budget showed N3.645trillion for statutory transfers, N14.317trillion for debt servicing, N13.64trillion for recurrent expenditure and N23.963trillion capital expenditure (development fund), with fiscal deficit put at N13.08trn.
The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.
Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trillion to N54.2trillion, seeking approval from the Senate and the House of Representatives.
Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.
He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.