The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill, following the adoption of the report from the Committee on Appropriations.
The report was presented by the Chairman of the Committee, Senator Solomon Adeola (APC-Ogun).
The key highlights of the passed 2025 Appropriation Bill indicate a total expenditure of N54.9 trillion, with statutory transfers of N3.6 trillion and recurrent expenditure set at N13.6 trillion. A total of N23.9 trillion was earmarked for capital expenditure, while debt servicing is pegged at N14.3 trillion. The fiscal deficit was set at N13.8 trillion, with a deficit to GDP ratio of 1.52 per cent.
While presenting the report, Adeola explained that the Senate had debated the general principles of the bill on December 19, 2024, which led to the second reading of the bill before it was referred to his committee for further legislative action.
The senator noted that the initial proposal from the executive was N49.7 trillion. However, during the bill’s review, the joint committee on appropriations met with the president’s economic team to discuss the revenue projections and expenditures of the bill.
“After several meetings, the Committee on Finance, in conjunction with our committee, sourced additional revenue from some revenue-generating agencies,” Adeola said.
He explained that the additional funds were made possible by increases in revenue from some of these agencies, and some government agencies also provided funds to address critical needs.
The upward revision of the budget from N49.7 trillion to N54.9 trillion, he continued, was to accommodate the gap between the original details of the bill, the procurement of vaccines, and additional funding for certain government agencies.
“The joint committee worked in close collaboration with both the leadership of the National Assembly and the executive arm of government in processing the bill. This ensured effective cooperation in utilising the additional revenue projections,” Adeola added. “This was necessary to improve the funding of critical projects that could not be adequately supported in the budget proposal initially submitted by the president due to funding constraints.”
Adeola also remarked that the 2025 Appropriation Bill was presented later than the 2024 bill had been, and urged the executive to present future budgets to the National Assembly no later than three months before the start of the next financial year.
“This will help restore the country to the January-December budget cycle,” he concluded.
