BREAKING: House Reps approves ₦54.99trn 2025 budget

The House of Representatives on Thursday, February 13, passed Nigeria’s ₦54.99 trillion 2025 Appropriation Bill, signalling a significant step towards the country’s fiscal policy goals.

The bill includes a breakdown of ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenditure, and ₦23.963 trillion for capital expenditure aimed at developmental projects.

Last week, President Bola Tinubu proposed increasing the 2025 budget from the initial ₦49.7 trillion to ₦54.2 trillion, citing the need to address the nation’s mounting challenges, particularly in infrastructure development and servicing the national debt. 

This new figure was subsequently revised to ₦54.99 trillion in the final bill, receiving swift approval from the House.

“The approval of this budget is a step towards fostering sustainable growth and addressing Nigeria’s pressing needs,” said a representative during the session.

The increase in the budget was strategically aimed at stimulating long-term economic development, improving public services, and reducing debt dependency.

This passage comes at a time when the Nigerian government is grappling with the impact of inflation, exchange rate volatility, and large debt obligations.

The capital expenditure allocation is especially critical, as it is intended to fund infrastructure projects that are vital for the country’s economic recovery.

President Tinubu’s push for an increased budget reflects his administration's focus on tackling Nigeria’s fiscal challenges and propelling the economy forward.

The expansion of the budget comes after the government's realisation that more resources are needed to stabilise key sectors, including debt management, infrastructure, and recurrent expenditure.

The 2025 budget is expected to have far-reaching implications for Nigeria’s development trajectory.