Just in: Reason emerges as Reps increase Tinubu's 2025 budget to N54.99tn

• The House of Representatives has approved and passed the N54.99 trillion 2025 Appropriation Bill
• From the budget passed, a substantial N23.963 trillion has been allocated for capital projects to drive infrastructure development and economic growth under Tinubu's government
• This approval came days after President Bola Tinubu asked the Senate and the House of Representatives to allow the increment of the 2025 budget from N49.7 trillion to N54.2 trillion

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

FCT, Abuja - On Thursday, February 13, the House of Representatives, passed the N54.99 trillion 2025 Appropriation Bill.

Legit.ng reported that President Bola Ahmed Tinubu had submitted a budget of N49.7 trillion to a joint session of the National Assembly in December for consideration but later requested an increase in the estimate to N54.2 trillion given additional revenue available to the government.

However, on Thursday, presenting the report of the House Committee on Appropriation for consideration, the Chairman of the Committee, Kabiru Abubakar Bichi said the joint Committee of the Senate and the House agreed on the figure after a series of meetings.

The Nation reported that he revealed that after a joint meeting with revenue-generating agencies, the Committee realised the availability of additional revenue which it forwarded to the Executive to be included in the budget.

The additional revenue of N4.5 trillion from the increase in the aggregate budget which the president requested for.

Reps raises Tinubu's 2025 budget to N54.99 trillion

As reported by The Punch, the presidency says the N54.99 trillion budget is structured to address key national financial commitments.

Statutory transfers account for N3.645 trillion, ensuring funding for constitutionally mandated entities.

A significant portion, N14.317 trillion, is allocated to debt servicing, reflecting Nigeria’s ongoing fiscal obligations.

Recurrent expenditure, covering salaries, overheads, and government operations, takes up N13.64 trillion, while the highest allocation, N23.963 trillion, is earmarked for capital projects under the development fund, aimed at infrastructure growth and economic expansion.

Details shortly.............

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Source: Legit.ng