Tinubu Signs ₦54.99 Trillion 2025 Budget Into Law
The ₦54.99 trillion 2025 Appropriations Bill has been signed into law by President Bola Tinubu.
The 2025 budget is 99.96% higher than the 2024 appropriation bill of ₦27.5 trillion. It was signed by Tinubu on Friday in his office at the State House in Abuja.
The bill was raised from the Nigerian leader’s original submission of ₦49.7 trillion. Following a number of changes, the bill was adopted by the National Assembly on February 13.
According to a breakdown of the budget, statutory transfers total ₦3.65 trillion and total expenditures total ₦54.99 trillion. ₦13.64 trillion is the recurring (non-debt) expenditure.
Earlier in the month, Tinubu wrote to the National Assembly about the adjustment of the 2025 budget.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of Nigeria titled, ‘The Restoration Budget’ securing peace, building prosperity,” Tinubu said.
“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be ₦49.7tn including N15.81tn for debt servicing.
“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar,” he added.
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