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President Tinubu has signed the 2025 budgetary appropriation bill into law.
The National Assembly had passed a total of ₦54.99 trillion for the 2025 fiscal year.
The budget, initially ₦49.7 trillion, was raised to N54.2 trillion by the legislature after President Bola Tinubu applied for the increase.
The budget breakdown shows that N3.645 trillion was earmarked for Statutory Transfers, N14.317 trillion for Debt Servicing, while N13.64 trillion and N23.963 trillion were set aside for Recurrent Expenditure and Capital Expenditure (Development Fund) respectively.
Read Also: My Bold Policies Yielding Positive Results – Tinubu Boasts
The the document also shows that N14.317 trillion is set aside for debt servicing, reflecting Nigeria’s fiscal obligations while Recurrent Expenditure, covering salaries, overheads, and government operations, amounts to N13.64 trillion.
President Bola Tinubu has stated that his administration’s bold and transformative policies are beginning to yield positive results.
He said this is evident in the gradual stabilisation of the Nigerian economy.
The President made these remarks in his message to Nigerians on the commencement of the Ramadan fasting.
According to him, the Gross Domestic Product, GDP, for the last quarter of 2024 showed a marked improvement over the same period in 2023.
He noted that the once-soaring prices of essential food items are now declining, providing much-needed relief to Nigerians, particularly those observing the fast.
Tinubu also stated that the exchange rate is stabilising, and fuel prices are falling, signalling a brighter future.
As the wet season approaches, he reaffirmed the government’s commitment to boosting agricultural productivity.
He said: “We remain steadfast in enhancing food production and ensuring self-sufficiency and food security for all Nigerians through targeted input support, mechanisation, and innovative farming initiatives. Our resolve to build a resilient and prosperous nation remains unwavering.”
