JUST IN: Senate Passes 2025 Budget 24Hrs After Tinubu’s Presentation, Details Emerge

The Nigerian Senate has passed the 2025 Appropriation Bill of N49.7 trillion for its second reading. This development comes after President Bola Ahmed Tinubu presented the budget before a joint session of the National Assembly.

The budget, tagged “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” outlines the government’s spending plans for the upcoming year. This followed the adjournment of its plenary session until January 14, 2025.

This break will allow lawmakers to participate in the Christmas and New Year festivities. During the plenary session, senators debated the objectives and general principles of the fiscal document, which provides a comprehensive breakdown of the government’s revenue and expenditure projections.

What to know about 2025 Tinubu’s budget

The 2025 Appropriation Bill is a significant piece of legislation that outlines the government’s spending priorities for the upcoming year. The bill, sponsored by Senate Leader Opeyemi Bamidele, provides for a total expenditure of N49.7 trillion. This amount is allocated across various sectors, including statutory transfers, debt service, recurrent expenditure, and capital expenditure.

According to the breakdown of the budget, N4.4 trillion is allocated for statutory transfers, while N16.3 trillion is set aside for debt service. Recurrent expenditure is expected to gulp N14.1 trillion, while capital expenditure will receive N14.8 trillion. These allocations reflect the government’s priorities and commitments to various sectors of the economy.

The passage of the 2025 Appropriation Bill for second reading marks an important milestone in the budgeting process. The bill will undergo further scrutiny and debate before its final passage. As the Senate resumes its plenary session in January, lawmakers are expected to delve deeper into the budget and make necessary adjustments to ensure that it aligns with the country’s development priorities.