The National Assembly has passed the 2025 budget, approving a total of N54.9 trillion, an increase of N700 billion from the initially proposed N54.2 trillion.
Budget Breakdown:
- Statutory Transfers: N3.6 trillion
- Debt Service: N14.3 trillion
- Recurrent (Non-Debt) Expenditure: N13.6 trillion
- Capital Expenditure: N23.9 trillion
Why the Budget Increased
President Bola Ahmed Tinubu had initially proposed N49.7 trillion, later revising it to N54.2 trillion due to additional revenue from key government agencies. However, the National Assembly further increased the budget to accommodate urgent national needs.
Chairman of the House Appropriations Committee, Abubakar Bichi, explained that the N700 billion increase was mainly due to:
- The withdrawal of U.S. health support, requiring Nigeria to allocate more funds to healthcare.
- Additional requests from government agencies such as INEC, NFYU, and DSS.
- The need to fund critical infrastructure projects nationwide.
According to Bichi, the government allocated an extra $200 million (about N300 billion) for healthcare programs targeting tuberculosis, HIV, malaria, and polio, alongside N340 billion for other key sectors, bringing the total to N640 billion.
Investment in Key Sectors
The budget increase will support:
- Rail and road infrastructure
- Agriculture and food security
- Education and healthcare
Funding and Economic Impact
To address concerns about funding, Bichi assured that the government had consulted the Ministry of Finance, Nigerian Customs Service, and FIRS, all of which confirmed sufficient revenue sources to sustain the increase.
The 2025 budget aims to boost economic growth, enhance public services, and address Nigeria’s infrastructure deficit, currently estimated at N23 trillion.
