President Bola Tinubu has presented the 2025 budget of N54.9 trillion to the Nigerian National Assembly. The budget was approved by both chambers of the legislature after deliberation and amendments.
President Bola Tinubu presented the 2025 budget of N54.9 trillion to the national assembly on December 18, 2024. The lower legislative chamber passed the money bill on Thursday after Abubakar Bichi, the chairman of the committee on appropriation, presented the report. On December 18th, President Tinubu initially presented a budget of N49,740,165,355,396 for 2025 before the joint sitting of the senate and house of representatives.
Tinubu, on February 5th, requested the national assembly to raise the budget by N4,530,479,970,637. But on Thursday, both chambers of the national assembly passed N54,990,165,355,396 as the 2025 budget, increasing it by N719,520,029,363. Out of the passed figure, N3.65 trillion is allocated for statutory transfer, debt service stands at N14.32 trillion, N13.06 trillion is earmarked for recurrent (non-debt) expenditure, and contribution to the development fund for capital expenditure is N23.96 trillion. The green chamber urged the president to submit the budget for the next fiscal year three months before the end of the year. Last year, both chambers had approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — parameters on which budgets are framed. The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively. It maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper. The lawmakers also endorsed the projected exchange rate of N1,400/$ — but stated it is subject to review in early 2025 according to monetary and fiscal policies
BUDGET NIGERIA PRESIDENT TINUBU NATIONAL ASSEMBLY FINANCE ECONOMY EXPENDITURE
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