President Bola Tinubu has officially signed the 2025 Appropriation Bill into law, approving a budget of N54.99 trillion. The signing ceremony took place at the State House in Abuja, marking a significant milestone in the country's fiscal planning for the year.
The National Assembly had passed the bill on February 13, increasing it from the initial N49.7 trillion submitted by the President. This budget represents a 99.96 percent increase from the 2024 budget of N27.5 trillion.
The total expenditure for 2025 is set at N54.99 trillion, with statutory transfers amounting to N3.65 trillion. Recurrent expenditure, excluding debt servicing, is N13.64 trillion, while capital expenditure is N23.96 trillion. The government has allocated N14.32 trillion for debt servicing.
The fiscal deficit for the year is projected at N13.08 trillion, which represents a deficit-to-GDP ratio of 1.52 percent. This financial plan is designed to support economic growth and development initiatives across various sectors.
Senate President Godswill Akpabio and other leaders of the National Assembly were present at the signing ceremony. President Tinubu expressed optimism about the potential of this budget to drive progress and reforms in Nigeria.