The National Assembly has approved the 54.9 trillion budget for the 2025 fiscal year, including the initial proposal from 54.2 trillion n700 billion.
The approval was requested by President Bola Tinubu to propose a budget from the initially proposed $49.7 trillion, citing additional revenue generated by major government agencies.
During a plenary meeting Thursday, the Senate and House Appropriations Committee presented their reports, highlighting the allocation of statutory transfers, debt services, recurring expenses and capital accounts.
Senator Olamilekan Adeola, chairman of the Senate Appropriations Committee, confirmed with his House colleague Abubakar Bichi that the funds will be taken from the federally consolidated tax fund.
With approval, the 2025 budget will guide the country’s financial operations until December 31, 2025.
