NASS passes N54.9trillion as 2025 budget  

Both the Senate and the House of Representatives, passed for third reading on Thursday, N54.990trillion 2025 Appropriation bill with an increase of N750billion from N54.2trillion.

President Bola Tinubu had earlier through separate communications to both Chambers last week sought for increase of N49.7trillion 2025 budget proposal to N54.2trillion  through additional N4.5trillion projected revenue .

But both Chambers while passing the budget , announced N5.990trillion as proposed  aggregate expenditure for 2025 fiscal year out of which N3.6trillion is for Statutory transfer, N14.3trillion for Debt Servicing, N13.6trillion for recurrent non – debt expenditure and N23.9trillion for capital expenditure.

As contained in the National Assembly joint committee on Appropriations  report read in the  Senate by  Senator Solomon Olamilekan Adeola, other highlights of the N54.9billion 2025 budget are N34.388trillion projected gross revenue for federal government, N761billion projection from Aids abd grants , N3.4trillion projection for independent revenue etc.

The increase as stated in the report and explained by Senator Adeola, did not affect parameters set for the earlier proposed N49.7trillion budget by President Tinubu on the 18th of December, 2024 which are oil  benchmark of  USD 75 per barrel for 2025,  2.06million Crude Oil Production per day , Exchange rate of N1,400 to USD1 etc.

The joint committee in the report explained that the N750billion increase made by the National Assembly in the N54.9trillion 2025 budget entails N270billion differential between the details of the budget and the bill as well as  provision of $200million which is equivalent to N300billion for procurement of vaccines and drugs.

Others as contained in the report and explained by Senator Adeola are additional funding for some government agencies, particularly in the Health Sector.

The joint committee however urged the executive to from the 2026 fiscal year , present budgetary proposal to the National Assembly not later than three months to the end of the ending fiscal year.

In his remarks after the passage of the N54.990tr8llion 2025 Appropriation bill, the President of the Senate, Godswill Akpabio, said he will along with the leadership of the House of Representatives , interface with the presidency for earlier presentation of yearly budget estimates to the National Assembly 

“Apart from early presentation of budget proposals by the executive to sustain the January to December budget implementation cycle , releases of alocated funds should also be made at the appropriate time for prompt execution of approved projects,” he said.

Akpabio added that the South – South / South East to Maiduguri Standard Gauge Rail lines that were not captured in the N54.990trillion budget, will be discussed with the executive for inclusion in subsequent appropriation bills.

“The issue raised by Senator Victor Umeh on non inclusion of South – South / South East to Maiduguri standard rail lines, would be seriously looked into in subsequent appropriation bills,” he said.