President Tinubu has signed the 2025 budgetary appropriation bill into law.
The National Assembly had passed a total of N54.99 trillion for the 2025 fiscal year.
The budget, initially N49.7 trillion, was raised to N54.2 trillion by the legislature after President Bola Tinubu applied for the increase.
The budget breakdown shows that N3.645 trillion was earmarked for Statutory Transfers, N14.317 trillion for Debt Servicing, while N13.64 trillion and N23.963 trillion were set aside for Recurrent Expenditure and Capital Expenditure (Development Fund) respectively.
The the document also shows that N14.317 trillion is set aside for debt servicing, reflecting Nigeria’s fiscal obligations while Recurrent Expenditure, covering salaries, overheads, and government operations, amounts to N13.64 trillion.
More details coming…