By Paul Effiong, Abuja
National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill.
AljazirahNigeria reports that President Bola Tinubu had on February 5 sent a letter to the Senate and the House of Representatives to
increase the budget from an initial proposal of N49.7trn.
The passage of the 2025 budget yesterday followed the adoption of the report of the Committee on Appropriations on the bill.
The report was presented by Chairman of the Committee, Sen. Solomon Adeola ,APC-Ogun.
Highlights of the passed 2025 appropriation bill indicate an aggregate expenditure of N54.9 trillion, statutory transfers of N3.6 trillion, with recurrent expenditure put at N13.6 trillion.
While the sum of N23.9 trillion was earmarked for capital expenditure, debt servicing was put at N14.3 trillion, fiscal deficit N13.8 trillion, while 1.52% was approved as deficit and GDP.
Olamilekan, while presenting the report, said that the senate debated the general principles of the bill on Dec. 19, 2024.
This, he said, had resulted in the second reading of the bill after which it was referred to his committee for further legislative action.
The senator said that the initial proposal of the executive was N49.7 trillion.
He, however, said while processing the bill, the joint committee on appropriations met the president’s economic team to discuss the revenue projection and expenditure of the appropriation bill.
“After series of meetings, the Committee on Finance, in conjunction with our committee, sourced for additional revenue from some revenue-generating agencies”, he said.
Adeola, said that the additional fund was made possible because of the increase in revenue by some of the revenue-generating agencies.
He further stated that some agencies of government provided funds to take care of critical needs.
The lawmaker said that the upward review of the budget from N49.7 trillion to N54.9 trillion was to cater for the difference between the details and the bill, procurement of vaccines and additional funding to some government agencies.
“The joint committee worked harmoniously with the leadership of the National Assembly and the executive arm of government in the processing of the bill.
“This ensured maximum collaboration of the two arms in the utilisation of additional revenue projection.
”This is to improve the funding of some critical projects which could not be adequately funded in the budget proposal earlier submitted by Mr President due to funding constraints”, he said.
Adeola, said that the 2025 appropriation bill was presented late as against the 2024 appropriation bill.
He urged the executive to present the budget to national assembly not later than three months before the beginning of the next financial year.
“This will help return the country to the January-December budget circle”, he said.
Similarly, the House of Representatives yesterday pass the 2025 budget of N54.99trillion during sitting presided over by the Speaker, Honourable Tajudeen Abbas.
The lawmakers went through clause-by-clause consideration of the budget before finally passing it for the third time.
The budget read in part: “The Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396 ,Fifty-Four Trillion, Nine Hundred and Ninety Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira, only, of which N3,645,761,358,925 ,Three Trillion,Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira, only is for statutory transfers.
“N14,317.142,689,548 ,Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira, only is for Debt Service, N13,064,009,682,673 ,Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira, only is for recurrent ,Non-Debt, expenditure”.
The breakdown of the budget showed N3.645trn for statutory transfers while the sum of N14.3trn is billed to address debt servicing and N13.6trn is to take care of recurrent expenditure and N23.9trn capital expenditure.
President Tinubu had on December 18, 2024 presented budget to a joint session of the National Assembly with with initial total sum of N49.7trillion.
In the president letter to the House, he explained that the latest increase in the budget size was due to additional increase from N1.4trilliion additional revenues made by the Federal Inland Revenue Service,FIRS, N1.2trillion made by the Nigeria Customs Service as well as N1.8trilliion generated by some other government-owned agencies.
Lawmakers commended the president for his efforts in updating the National Assembly of the new development, acknowledging his immense respect for the legislative arm of government.
In a brief media interview with reporters in his office, the chairman, House Committee on Appropriation, Hon. Abubakar Bichi, expressed the hope that the budget will meet all the expectation of Nigerians.
“As you know the United States government has withdrawn its support for some countries in terms of providing health support, and Nigeria is among them, so the President proactively requested an addition of $200 million, which is about N300 billion, to cater for health sector for the people who have that challenge of tuberculosis, HIV, malaria, and polio”.
The lawmaker further disclosed that before additional increased in the budget were made, lawmakers had a meeting with the Ministry of Finance, Nigerian Custom Service, FIRS, among others who confirmed to them that they will be able to come up with enough funding for the budget.
