President Bola Tinubu has signed the N54.99 trillion 2025 Appropriation Bill into law, which had been increased from the initially proposed N49.7 trillion. The budget shows a nearly 100 percent increase from 2024, with comprehensive allocations across capital expenditure, debt servicing, and other key areas. Key stakeholders from the National Assembly were present during the signing ceremony, illustrating bipartisan support for the fiscal strategy ahead.
On Friday, President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law at the State House in Abuja. This significant budget was previously passed by the National Assembly on February 13, having been increased from the original N49.7 trillion proposed by the President. The signing took place during a brief ceremony in the President’s office, attended by notable members of the National Assembly.
The 2025 Appropriation Act indicates a remarkable increase of 99.96 percent compared to the 2024 budget, which stood at N27.5 trillion. The budget structure includes a total expenditure of ₦54.99 trillion, with statutory transfers amounting to ₦3.65 trillion and recurrent (Non-Debt) expenditure reaching ₦13.64 trillion. Furthermore, capital expenditure is set at ₦23.96 trillion, and the budget allocates ₦14.32 trillion for debt servicing, resulting in a deficit-to-GDP ratio of 1.52 percent.
Senator Godswill Akpabio, the President of the Senate, along with other leaders from the National Assembly, were present to witness this significant event. This budget signifies the government’s plans for economic growth and development for the coming year. Such an increase in the budget reflects the administration’s commitment to addressing developmental challenges and improving national infrastructure.
In summary, the approval of the N54.99 trillion budget by President Bola Tinubu marks a crucial step towards fostering economic progress in Nigeria. With notable increases in capital expenditure and an emphasis on critical sectors, this budget is foundational for the country’s developmental agenda. The presence of Senate leadership during the signing underscores the collaborative efforts necessary for the successful implementation of this Appropriation Act.
Original Source: nannews.ng
