President Bola Tinubu officially enacted the 2025 Budget, amounting to ₦54.99 trillion, on Friday. The signing took place at the Presidential Villa, attended by the leadership of the National Assembly and various senior government officials.

Last week, the Nigerian Senate approved the 2025 Appropriation Bill. This budget encompasses allocations for statutory transfers, recurrent and capital expenditures, in addition to debt servicing, representing a notable increase from the original proposal submitted by President Bola Tinubu. The Senate’s approved breakdown of the 2025 budget is as follows.

Total Expenditure: N54.99 trillion
Statutory Transfers: N3.65 trillion
Recurrent (Non-Debt) Expenditure: N13.64 trillion
Capital Expenditure: N23.96 trillion
Debt Servicing: N14.32 trillion
Fiscal Deficit: N13.08 trillion
Deficit-to-GDP Ratio: 1.52% 

The budget aims to stimulate economic growth, improve infrastructure, and address fiscal challenges, despite concerns about Nigeria’s rising debt profile.

Initially, President Tinubu proposed a N49.7 trillion budget for 2025.

However, following additional revenue projections from key government agencies, the proposed figure was revised upward to N54.2 trillion on February 5, 2024.

The final approved budget stands at N54.99 trillion after deliberations in the National Assembly.

According to Senate President Godswill Akpabio, the increase was justified by new revenue inflows from key agencies, which are expected to strengthen the fiscal framework for 2025.