The House of Representatives has approved the national budget for the 2025 fiscal year, passing a total expenditure of ₦54.9 trillion on Thursday.
The budget was adopted following the presentation of a report by the House Committee on Appropriations.
Of the total budget, ₦3.6 trillion has been allocated for statutory transfers, ₦14.3 trillion for debt servicing, ₦13.6 trillion for recurrent (non-debt) expenditures, and ₦23.9 trillion designated for capital projects.
The approved budget represents an increase of approximately ₦7 billion from the initial ₦49.7 trillion proposed by President Bola Tinubu in December 2024. Last week, the president revised the budget upwards, attributing the increase to improved revenue generation by certain government agencies. He subsequently sought approval from both the Senate and the House of Representatives.
With the passage of the budget, attention now shifts to its implementation, as the government aims to address key economic and developmental priorities in the coming year.
