The House of Representatives, on Thursday, passed a national budget of ₦54.9 trillion for the year 2025.
The budget was passed following the presentation and submission of a report by the House Committee on Appropriations.
OsunDailyNG reports that of the total budget, ₦3.6 trillion is 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 expenditures.
The approved budget is approximately ₦7 billion over the initial proposal of ₦49.7 trillion submitted to the lawmakers by President Bola Tinubu in December 2024.
It would be recalled that last week, President Tinubu increased the 2025 fiscal year budget, citing the ability of certain government agencies to generate higher revenues and wrote to the Senate and the House of Representatives for their approval.
Details later…
