Senate Approves N54.9 Trillion Budget

The Nigerian Senate has approved an increase in the 2025 budget by N750 billion, raising it from President Bola Tinubu’s proposed N54.2 trillion to N54.9 trillion.

Senate President Godswill Akpabio confirmed the passage after a majority of senators supported it via voice vote. The approval followed a report by the Senate Appropriations Committee, led by Adeola Olamilekan.

Key allocations include N3.6 trillion for statutory transfers, N14.3 trillion for debt servicing, N23.9 trillion for capital expenditure, and N13.8 trillion for the fiscal deficit.

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The increase follows President Tinubu’s recent request for a N4.5 trillion revision to the initial proposal. The additional funds, which stem from extra revenue generated by agencies like the Federal Inland Revenue Service (FIRS), are aimed at addressing critical government needs.

The new allocation includes N1 trillion for the Solid Minerals Sector, N1.6 trillion for the recapitalisation of the Bank of Agriculture, and N5 trillion for infrastructure projects. Other significant allocations include N300 billion for roads, N400 billion for light rail networks, and N250 billion for military infrastructure.

The 2025 budget also features a $200 million (N300 billion) health intervention to mitigate the impact of the US suspension of aid in the Nigerian health sector. Additional funds were allocated to agencies such as INEC, EFCC, ICPC, and NDLEA.