President Bola Tinubu has signed the 2025 budget with a total expenditure of N54.99 trillion, into law.
This marks an increase of nearly 100 percent compared to the N27.5 trillion budget for 2024.
The signing took place after the National Assembly gave its approval on February 13, following adjustments to the president’s original proposal, which initially stood at N49.7 trillion.
The newly approved budget outlines key financial allocations for various sectors. A total of N3.65 trillion has been set aside for statutory transfers, which include funds allocated to specific government agencies and institutions that operate independently. The recurrent expenditure, which covers government salaries, overhead costs, and other essential operational expenses excluding debt payments, is pegged at N13.64 trillion.
A major portion of the budget is dedicated to capital expenditure, with N23.96 trillion allocated for infrastructure projects, development programs, and initiatives aimed at boosting economic growth. Additionally, N14.32 trillion has been designated for debt servicing.
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