The National Assembly yesterday passed the N54,990,165,355,396 Appropriation Bill for the 2025 fiscal year.
The fiscal legislation was passed simultaneously by both chambers of the National Assembly after due consideration.
The passage of the bill followed a recent revision by President Bola Tinubu, who raised the budget from an initial N49.7 trillion to N54.2 trillion.
Tinubu said the adjustment was based on additional revenue projections from various government agencies. Chairman, Senate Committee on Appropriation, Solomon Adeola, and his counterpart in the House, Abubakar Bichi, presented the joint report before their colleagues during plenary.
The report stated that the joint committee had met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
The report noted the 2025 Appropriation Bill was presented late, compared to that of 2024. It urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.
A breakdown of the approved budget showed that the total sum of N54,990,165,355,396 was passed.
