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Breaking: Senate approves N54.99tr budget for 2025
The Nigerian Senate on Thursday officially approved a N54.99 trillion budget for the federal government for the 2025 fiscal year.
The decision followed the presentation, consideration, and adoption of the Senate Committees on Appropriations’ recommendations.
Key figures from the approved budget include N23.96 trillion allocated for capital expenditure, N14.32 trillion for debt service, and N13.06 trillion for recurrent and non-debt expenditure.
Additionally, N3.64 trillion was earmarked for statutory transfers, with the deficit set at 1.52% of the nation’s Gross Domestic Product (GDP).
This landmark budget reflects the government’s priorities for the upcoming year, focusing on infrastructure development, debt management, and sustainable growth.