National Assembly Approves ₦54.9 Trillion 2025 Budget
Written by Olakunle Oke on February 13, 2025
The National Assembly has passed the 2025 budget, totaling ₦54.9 trillion, after weeks of deliberation and scrutiny. This development marks a significant milestone in the country’s fiscal policy, as the approved budget aims to consolidate the key policies instituted to restructure the economy.
The approved budget is significantly higher than the proposed ₦47 trillion budget presented by President Bola Tinubu in December 2024. The increase reflects the National Assembly’s efforts to address the country’s pressing needs, including infrastructure development, human capital development, and security.
Key priorities in the budget include defence and security, which received an allocation of ₦4.91 trillion. This amount is expected to enhance the country’s military capabilities and improve national security. Infrastructure development also received a significant allocation of ₦4.06 trillion, which will be used to fund critical projects such as roads, bridges, and public buildings.
The health and education sectors also received substantial allocations, with ₦2.48 trillion and ₦3.52 trillion, respectively. These amounts are expected to improve the country’s healthcare system and education infrastructure, ultimately leading to better outcomes for citizens.
The budget also includes provisions for debt servicing, which totals ₦6.73 trillion. This amount is expected to help the country manage its debt obligations and maintain a stable fiscal environment.
The National Assembly’s approval of the budget is seen as a significant achievement, given the country’s complex fiscal challenges. The assembly’s efforts to prioritize critical sectors and allocate resources effectively are expected to have a positive impact on the country’s economy and citizens.
President Tinubu has welcomed the National Assembly’s approval of the budget, stating that it reflects the administration’s commitment to advancing the Renewed Hope Agenda. The president has also expressed his appreciation to the National Assembly for their hard work and dedication to the budget process.
As the budget comes into effect, Nigerians are eagerly awaiting the implementation of the various projects and initiatives outlined in the budget. The successful execution of the budget is expected to have a significant impact on the country’s economy and improve the lives of citizens.
