On Thursday, the Senate approved the 2025 Appropriation Bill after reviewing its key components, which detail a total expenditure of ₦54.99 trillion.
The budget allocates significant funds for recurrent spending, capital projects, debt servicing, and projects a fiscal deficit.
Read Also: House Of Reps Passes ₦54.99trn 2025 Budget
Key budget allocations include:
- Total Expenditure: ₦54.99 trillion
- Statutory Transfers: ₦3.65 trillion
- Recurrent (non-debt) Expenditure: ₦13.64 trillion
- Capital Expenditure: ₦23.96 trillion
- Debt Servicing: ₦14.32 trillion
- Fiscal Deficit: ₦13.08 trillion
- Deficit-to-GDP Ratio: 1.52%
President Bola Tinubu had raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion on February 5, citing additional revenue from key government agencies.
This budget adjustment was communicated in letters sent to both the Senate and the House of Representatives, which were read out during plenary by Senate President, Godswill Akpabio.
The increase is attributed to ₦1.4 trillion from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion from other government agencies.
