President Bola Tinubu has signed the ₦54.99 trillion 2025 Appropriation Bill into law.
The new budget represents a 99.96% increase from the ₦27.5 trillion allocated in the 2024 appropriation bill. Tinubu signed the bill on Friday at the State House in Abuja, following adjustments that raised the initial ₦49.7 trillion proposal he submitted.
The National Assembly approved the revised budget on February 13 after multiple revisions.
A breakdown of the budget reveals a total expenditure of ₦54.99 trillion, including ₦3.65 trillion for statutory transfers.
The recurrent (non-debt) expenditure is ₦13.64 trillion, while capital expenditure stands at ₦23.96 trillion. Debt servicing accounts for ₦14.32 trillion, with a deficit-to-GDP ratio set at 1.52%.
Earlier this month, Tinubu informed the National Assembly of the budget adjustment, attributing the increase to additional revenue sources, including ₦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.
He originally presented the budget to the National Assembly on December 18, 2025.
“In presenting the 2025 Budget, titled ‘The Restoration Budget: Securing Peace, Building Prosperity,’ I aim to restore macroeconomic stability, enhance the business environment, promote inclusive growth and employment, reduce poverty, ensure equitable income distribution, and develop human capital,” Tinubu stated.
He outlined revenue projections of ₦34.8 trillion to fund the budget, with total government expenditure expected to reach ₦49.7 trillion, including ₦15.81 trillion allocated for debt servicing.
“The budget deficit will total ₦13.0 trillion or 3.89% of GDP. While ambitious, this is a necessary step toward securing our nation’s future,” he added.
The budget also anticipates inflation dropping from 34.6% to 15% in 2025, while the exchange rate is expected to improve from approximately ₦1,700 per dollar to ₦1,500 per dollar.
