Tinubu endorses N54.99 trillion 2025 budget into law

President Bola Tinubu has officially signed the 2025 Appropriation Bill into law, ushering in a bold fiscal expansion that sees the national budget soar to N54.99 trillion—nearly double the N27.5 trillion allocated in 2024. The increase of 99.96 per cent follows extensive parliamentary review and amendments to Tinubu’s initial proposal of N49.7 trillion, with lawmakers boosting the figure to reflect both rising revenue collections and growing developmental ambitions.

In a brief ceremony held at the Presidential Villa in Abuja, where top members of the National Assembly and other senior government officials were in attendance, the President underscored the significance of the new budget.

The comprehensive spending programme is structured to support a wide range of initiatives: N3.65 trillion has been earmarked for statutory transfers, N13.64 trillion allocated for recurrent (non-debt) expenditure—which covers salaries and operational costs—and N23.96 trillion designated for capital projects aimed at long-term development. Debt servicing costs are expected to amount to N14.32 trillion, and the plan maintains a deficit-to-GDP ratio of 1.52 per cent.

Analysts note that the substantial increase in the budget was largely driven by additional revenue generated by key government agencies, such as the Federal Inland Revenue Service and the Nigeria Customs Service. These improved collections enabled the legislature to enhance the original proposal, signalling a renewed commitment to modernising public finances and accelerating economic recovery.

While further details on the implementation of specific programmes and projects are awaited, the approval of the 2025 budget marks a pivotal step in realigning Nigeria’s fiscal strategy—balancing immediate spending needs with the imperative for sustainable growth.