The N54, 990, 165, 355, 396 proposed 2025 expenditure was yesterday passed by the National Assembly. The sum is N749.99 billion higher than the N54.2 trillion estimates forwarded to both chambers of the National Assembly by President Bola Tinubu.
The estimates will now be presented to the President for assent. The newly created Northcentral Development Commission and South-South Development Commission, which hitherto were not accommodated in the budget, were allocated some funds. Also, INEC had its budget increased by N100 billion from N40 billion. Highlights of the N54,990,165,355,396 estimates include: N23,963,251,624,250 as Capital Expenditure, N14,317,142,689,548.00, Debt Service; N13,064,009,682,673, Recurrent and Non-Debt Expenditure and N3,645,761,358,925, Statutory Transfers and Deficit to Gross Domestic Product (GDP) of 1.52 per cent.
The passage of the budget followed the presentation, consideration and adoption of the recommendation of the joint Senate and House of Representatives Committees on Appropriations. President Tinubu submitted N49.7 trillion to a joint session of the National Assembly for consideration and passage but later requested that it be increased to N54.2 trillion He cited additional revenue of N4.2 trillion available to the government as a reason.
The Chairman presented the report of the joint committees, the Senate Committee on Appropriation Solomon Adeola and his House of Representatives counterpart, Kabiru Bichi, in both chambers. According to the report, the joint committees of the Senate and House of Representatives agreed on the figure after a series of meetings.
A breakdown of the approved budget showed N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit put at N13.08 trillion.
Under the statutory transfers, National Judicial Council gets N521.626 billion, Niger Delta Development Commission gets N626.533 billion, South East Development Commission gets N140 billion, North West Development Commission gets N145.607 billion, South West Development Commission gets N140 billion, South-South Development Commission gets N140 billion, North Central Development Commission gets N140 billion, Universal Basic Education Commission gets N496.842 billion, National Assembly gets N344.853 billion, Public Complaint Commission gets N14.460 billion, Independent National Electoral Commission gets N140 billion, National Human Rights Commission gets N8 billion, North East Development Commission gets N240.988 billion while Basic Health Care Provision Fund gets N298.421 billion, respectively.
A breakdown of the N14.317 trillion total debt servicing showed that N7.191 trillion is for Domestic debts (including Ways and Means), N6.749 trillion is for foreign debts, and N377.299 billion is for sinking funds to retire maturing promissory notes. From the recurrent (non-debt) expenditure, Presidency gets N111.094 billion, Ministry of Defence gets N2.510 trillion, Ministry of Police Affairs gets N1.226 trillion, Ministry of Interior gets N658.586 billion, National Security Adviser gets N335.975 billion, Ministry of Education gets N1.159 trillion, Ministry of Youths gets N442.271 billion, Ministry of Foreign Affairs gets N286.887 billion, Information and National Orientation gets N75.887 billion, among others.
Under the Capital expenditure, Presidency gets N144.485 billion, Ministry of Defence gets N604.917 billion, National Security Adviser gets N316.864 billion, SGF gets N155.812 billion, Ministry of Agriculture and Food Security gets N1.201 trillion, Ministry of Finance gets N892.939 billion, Ministry of Works gets N2.045 trillion, Ministry of Water Resources and Sanitation gets N578.398 billion, FCTA gets N229.625 billion, Ministry of Education gets N953.931 billion, Ministry of Health and Social Welfare gets N1.154 trillion, Ministry of Humanitarian Affairs and Poverty Alleviation gets N291.548 billion, among others.
Under the Multilateral/Bilateral loan funded projects, the Ministry of Power gets N1.307 trillion, the Ministry of Interior gets N400.630 billion, Ministry of Communications. Innovation and Digital Economy gets N400.630 billion, FCTA gets N235.369 billion, Ministry of Finance gets N236.657 billion, Ministry of Agriculture and Food Security gets N208.466 billion, Ministry of Education gets N193.098 billion, Ministry of Health and Social Welfare gets N56.489 billion, among others.
