On Thursday, the House of Representatives approved a ₦54.9 trillion national budget for 2025.
The House Committee on Appropriations submitted and presented a report, after which the budget was approved.
According to reports, 3.6 trillion naira went to statutory transfers, 14.3 trillion to debt servicing, 13.6 trillion to recurring (non-debt) expenses, and 23.9 trillion to capital expenditures.
President Bola Tinubu presented parliament with a ₦49.7 trillion budget request in December 2024, which was around ₦7 billion more than the approved budget.
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In a letter to the Senate and the House of Representatives, President Tinubu requested their approval for an increase in the 2025 fiscal year budget last week, citing the capacity of some government institutions to produce more money.
More information later.
