President Tinubu Enacts N54.99 Trillion 2025 Budget into Law
President Bola Tinubu has enacted the N54.99 trillion 2025 Appropriation Bill, reflecting a 99.96% increase from the previous budget. The National Assembly approved the bill after modifying the proposed amount. Key allocations include statutory transfers, recurrent expenditures, capital projects, and debt servicing aimed at boosting economic performance.
On Friday, President Bola Tinubu officially enacted the N54.99 trillion 2025 Appropriation Bill during a ceremony held at the State House in Abuja. This significant budget, which saw an amendment from the original N49.7 trillion submitted by the President, received approval from the National Assembly on February 13.
The 2025 budget demonstrates a remarkable 99.96 percent increase compared to the 2024 budget, which amounted to N27.5 trillion. It encompasses a total expenditure of N54.99 trillion, including statutory transfers of N3.65 trillion, recurrent (non-debt) expenditures totaling N13.64 trillion, and capital expenditures reaching N23.96 trillion.
Additionally, the budget allocates N14.32 trillion for debt servicing, with a planned deficit-to-GDP ratio of 1.52 percent. The signing ceremony was attended by Senate President Godswill Akpabio and other notable leaders of the National Assembly.
In conclusion, President Bola Tinubu’s signing of the N54.99 trillion 2025 Appropriation Bill marks a significant advancement in Nigeria’s budgetary framework. The adjustments reflect a substantial increase from the previous year’s budget, showcasing the government’s commitment to addressing fiscal challenges. The details emphasize the allocation for debt servicing and capital investments, which are crucial for economic growth and stability.
Original Source: nannews.ng
