President Bola Ahmed Tinubu presented the 2025 Appropriation Bill (budget) to a joint sitting of the National Assembly on Wednesday.
The 2025 Appropriation Bill was tagged as ‘Budget of restoration securing peace and building prosperity’ by President Tinubu.
He stated that his government has disbursed 34 billion naira through NELFUND TO 300,000 students and has generated 14.55 trillion naira in revenue, successfully reaching 75 percent.
Additionally, in the third quarter, the expenditure reached 21.60 trillion naira, which constitutes 85 percent of the set goal.
He said: “Our administration attained remarkable milestones in implementing the 2024 Budget.
“In 2024, we achieved 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.
“21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.
“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.”
The plenary was presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen.
The 2025 Budget proposed sectorial allocations including: Defence 4.91 Trillion, Infrastructure 4.06 trillion, Health 2.48 trillion, Education 2.5 trillion, amongst others.
Recall that the Federal Executive Council (FEC) had approved an estimated expenditure of ₦47.96 trillion for the 2025 fiscal year on Monday.
The budget, which will focus on infrastructure development, fiscal consolidation, and social investment programs, outline the administration’s spending priorities for the upcoming year.
Lawmakers will now scrutinize the budget and its allocations, particularly in the context of the administration’s ongoing economic reforms.
President Tinubu highlighted key areas such as healthcare, education, security, and infrastructure, while addressing concerns about inflation, unemployment, and the high cost of living.
