President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law at the State House in Abuja. This budget is a 99.96% increase from the previous year’s N27.5 trillion. It includes statutory transfers of ₦3.65 trillion and capital expenditures of ₦23.96 trillion, with overall expenditure set at ₦54.99 trillion and a deficit-to-GDP ratio of 1.52%.
On Friday, President Bola Tinubu enacted the N54.99 trillion 2025 Appropriation Bill at the State House in Abuja. This legislation, which the National Assembly approved on February 13, saw an increase from the originally proposed N49.7 trillion budget submitted by President Tinubu. The budget signing occurred during a succinct ceremony held in the President’s office.
The 2025 Appropriation Act signifies a remarkable 99.96 percent rise from the previous year’s budget, which was set at N27.5 trillion. The overall expenditure for the 2025 budget totals ₦54.99 trillion, which includes statutory transfers of ₦3.65 trillion and a recurrent (non-debt) expenditure of ₦13.64 trillion.
Among the budget allocations, capital expenditures comprise ₦23.96 trillion, and debt servicing amounts to ₦14.32 trillion, resulting in a deficit-to-GDP ratio of 1.52 percent. The budget signing event was attended by prominent officials including Senator Godswill Akpabio, President of the Senate, alongside other National Assembly leaders.
In conclusion, the signing of the N54.99 trillion 2025 budget by President Bola Tinubu marks a significant escalation in Nigeria’s financial planning, reflecting a commitment to increased fiscal expenditure compared to the previous year. The allocation delineates considerable amounts for both recurrent and capital expenditures, emphasizing the government’s focus on developmental and debt servicing initiatives. This legislative action indicates a proactive approach to enhancing the nation’s economic framework.
Original Source: nannews.ng
