President Bola Tinubu signed the N54.99 trillion 2025 budget into law, marking a 99.96% increase from the previous year’s budget. The new budget includes statutory transfers of ₦3.65 trillion, recurrent expenditure of ₦13.64 trillion, capital expenditure of ₦23.96 trillion, and debt servicing of ₦14.32 trillion, maintaining a 1.52% deficit-to-GDP ratio with support from National Assembly leaders.
President Bola Tinubu recently signed the N54.99 trillion 2025 Appropriation Bill into law at a signing ceremony held at the State House in Abuja. This signing follows the National Assembly’s approval on February 13, which marked a substantial increase from the original budget proposal of N49.7 trillion submitted by the President.
The newly enacted 2025 Appropriation Act represents a significant 99.96 percent increase compared to the previous year’s budget of N27.5 trillion. Within this budget, the expenditure breakdown includes statutory transfers totaling ₦3.65 trillion, with recurrent (non-debt) spending of ₦13.64 trillion, alongside a capital expenditure allocation of ₦23.96 trillion.
Furthermore, the budget accounts for debt servicing costs of ₦14.32 trillion and sets a deficit-to-GDP ratio of 1.52 percent. Key figures present at the signing ceremony included Senate President Sen. Godswill Akpabio among other National Assembly leaders, signaling strong legislative support for the budget’s enactment.
In summary, President Tinubu’s signing of the N54.99 trillion 2025 budget reflects a strategic increase aimed at enhancing Nigeria’s economic framework. The budget’s substantial allocations for various sectors underscore a commitment to fiscal responsibility and development. This legislative action aims to support growth amidst evolving economic challenges.
Original Source: nannews.ng
