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Senate President Godswill Akpabio
The Senate has approved the 2025 Appropriation Bill, passing a total budget estimate of ₦54.99 trillion on Thursday.
The budget includes allocations for statutory transfers, recurrent expenditures, capital projects, and debt servicing, with a fiscal deficit of ₦13.08 trillion.
Key breakdowns are as follows: Total Expenditure: ₦54.99 trillion; Statutory Transfers: ₦3.65 trillion; Recurrent (Non-Debt) Expenditure: ₦13.64 trillion; Capital Expenditure: ₦23.96 trillion; Debt Servicing: ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.
Tinubu initially proposed a ₦49.7 trillion budget, but increased it to ₦54.2 trillion on February 5 after reporting additional revenue generated by key agencies.
In letters to the Senate and House of Representatives, read by Senate President Godswill Akpabio, Tinubu detailed the sources of the additional revenue: ₦1.4 trillion from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion from other government agencies.
The House of Representatives had earlier passed the ₦54.99 trillion 2025 Appropriation Bill.
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