1 week ago
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Both the Senate and the House of Representatives Thursday passed for third reading the N54.990 trillion 2025 Appropriation Bill with an increase of N750 billion from N54.2 trillion.
President Bola Ahmed Tinubu had earlier, through separate communications to both chambers last week, sought for an increase of the N49.7 trillion 2025 budget proposal to N54.2trillion through additional N4.5 trillion projected revenue.
Passing the budgets, both chambers announced N5.990 trillion as proposed aggregate expenditure for 2025 fiscal year out of which N3.6trillion is for Statutory transfer , N14.3 trillion for Debt Servicing , N13.6 trillion for recurrent non – debt expenditure and N23.9 trillion 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 N54.9 billion 2025 budget are N34.388 trillion projected gross revenue for federal government , N761billion projection from aids and grants and N3.4trillion projection for independent revenue among others
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.
These include the oil benchmark of USD 75 per barrel for 2025, 2.06 million Crude Oil Production per day , Exchange rate of N1,400 to USD1 etc.
In the report, the joint committee explained that the N750 billion increase made by the National Assembly in the N54.9 trillion 2025 budget entails N270 billion differential between the details of the budget and the bill as well as provision of $200 million which is equivalent to N300 billion 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 commence preparation for the 2026 fiscal year, and present the budgetary proposal to the National Assembly not later than three months to the end of the fiscal year.
In his remarks after the passage of the N54.990 trillion 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 the 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 allocated 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 N54.990 trillion 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.
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