The National Assembly yesterday passed the N54.99 trillion budget estimates for the 2025 fiscal year.
The bill was passed after the senate reviewed key highlights of the bill, which outlines a total aggregate expenditure of N54.99 trillion.
The budget breakdown includes significant allocations for recurrent spending, capital projects, and debt servicing, as well as a projected fiscal deficit.
Key budget allocations include total expenditure: N54.99 trillion; statutory transfers, N3.65 trillion; recurrent (non- debt) expenditure, N13.64 trillion; capital expenditure, N23.96 trillion, debt service, N14.32 trillion; fiscal deficit, N13.08 trillion; and deficit-to-GDP ratio, 1.52%.
Briefing journalists after the passage of the budget, the chairman of the senate committee on appropriation, Mr Solomon Adeola the national assembly approved an additional N700 billion to the N54.2 trillion budget size to fill the gap created by US suspension of aid to Nigeria
“It is to be noted that the recent action by the United States government to suspend further intervention in the Nigerian health sector through provision of vaccines and drugs for malaria, Polio, HIV and Tuberculosis using its agency USAID will have adverse effects on Nigerians affected by such diseases.
“On this note, the president proactively made a new provision of $200 million, which is equivalent to N300 billion, in the service wide votes to fill the gap created by the United States (US) government’s suspension of interventions in Nigerian health sector, to proactively address the above-mentioned health challenges, which are currently being suffered by countries, like Uganda and others.”
He added that the increment took care of some critical agencies of government, which made the National Assembly to forward genuine requests to the president.
He said after thorough examination by the Joint Appropriations Committee, additional funds were provided to some federal agencies.
The agencies included the Independent National Electoral Commission (INEC}; Nigerian Financial Intelligence Unit (NFIU); Economic and Financial Crimes Commission (EFCC); and Independent Corrupt Practices and Other Offences Commission (ICPC).
Others, according to him, were the National Judicial Council (NJC); National Drug Law Enforcement Agency (NDLEA); Department of State Services (DSS); Ministry of Foreign Affairs; and the armed forces, among others.
Recall that President Bola Tinubu had on February 5 raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.
This was conveyed in separate letters sent to both the senate and the house of representatives.
According to the president, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
