House of Representatives Approves a Whopping ₦54.9 Trillion Budget for 2025

On February 13, the budget was notably approved after the House Committee on Appropriations delivered their report.

The House of Representatives has officially endorsed a national budget totaling ₦54.9 trillion for the year 2025.

This approval occurred on February 13, following the House Committee on Appropriations’ report submission.

Breaking down the budget: ₦3.6 trillion is set aside for statutory transfers, ₦14.3 trillion for servicing debts, ₦13.6 trillion for recurrent expenses (excluding debt), and ₦23.9 trillion is earmarked for capital projects.

This endorsed budget exceeds President Bola Tinubu’s initial proposal of ₦49.7 trillion from December 2024 by roughly ₦7 billion.

Notably, President Tinubu had recently suggested an increase in the budget for 2025, citing improved revenue capacities of some government agencies, and sought the Senate and House’s approval.

Further details to follow…