Nigeria’s National Assembly has approved a N54.9 trillion budget for the 2025 financial year. This is N700 billion more than the earlier proposal of N54.2 trillion.

President Bola Tinubu had originally suggested a N49.7 trillion budget but later asked for an increase. He explained that key government agencies generated extra revenue, which allowed for a larger budget.

During a plenary session on Thursday, both the Senate and House of Representatives reviewed the budget. The Appropriations Committees presented their reports, showing how the money would be used for:

• Statutory transfers (funds allocated to specific government bodies)
• Debt servicing (repaying government loans)
• Recurrent expenses (salaries and running costs)
• Capital projects (roads, schools, and infrastructure)

The funds will be taken from the Consolidated Revenue Fund of the Federation, which is Nigeria’s main account for government earnings.

With this approval, the 2025 budget will guide Nigeria’s financial plans until December 31, 2025. The government will now begin spending according to the approved allocations.

This budget is expected to play a key role in shaping Nigeria’s economy in 2025.