President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law, reflecting a 99.96% increase from the 2024 budget. Significant allocations include N3.65 trillion for statutory transfers and N14.32 trillion for debt servicing. The budget is set against a deficit-to-GDP ratio of 1.52%.
On Friday, President Bola Tinubu officially enacted the N54.99 trillion 2025 Appropriation Bill during a concise ceremony held at the State House in Abuja. This budget, which the National Assembly approved on February 13, saw an increase from the original N49.7 trillion proposed by the President, reflecting significant legislative support.
The newly enacted 2025 Appropriation Act marks a dramatic 99.96 percent rise when compared to the previous year’s budget of N27.5 trillion. The provisions outline a total expenditure of₦54.99 trillion, which includes statutory transfers amounting to ₦3.65 trillion and recurrent (non-debt) expenditures of ₦13.64 trillion.
Capital expenditures account for ₦23.96 trillion, whilst debt servicing is estimated at ₦14.32 trillion. Furthermore, this budget establishes a deficit-to-GDP ratio of 1.52 percent. The signing event was attended by distinguished figures such as Senator Godswill Akpabio, the President of the Senate, alongside other National Assembly leaders.
In summary, President Bola Tinubu’s enactment of the N54.99 trillion 2025 budget signifies a substantial increase in government spending as compared to the previous year. The budget breakdown indicates allocations for various sectors, reflecting a strategic focus on capital investment and debt servicing, while maintaining a sustainable deficit-to-GDP ratio. This legislative action underscores a commitment to economic development and infrastructural enhancement.
Original Source: nannews.ng
