•Statutory transfers – N3,645,761,358,925
•Recurrent expenditure – N13, 064,009,682,673
•Capital expenditure – N23, 963,251,624,250
•Debt servicing – N14,317, 142,689,548
•Fiscal deficit – N13.08 trillion
•Additional N700bn to fund terminated US health sector support
Adedayo Akinwale and Sunday Aborisade in Abuja
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, Senator Solomon Adeola, and his counterpart in the House, Hon. 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 N54,990,1 65,355, 396 was passed.
The sum of N3,645,761,358,925 was for Statutory Transfers; N14,317.142,689,548 was for Debt Service; N13,064,009,682,673 for Recurrent (Non-Debt) Expenditure; while N23,963, 251,624,250 was for contribution to the Development Fund for Capital Expenditure.
Briefing journalists after the passage of the budget, Chairman of the Senate Committee on Appropriation explained why the National Assembly approved an additional N700 billion to the N54.2 trillion budget size.
Adeola said, “It is to be noted that the recent action by the United States government to suspend further intervention in the Nigerian health sector through provision of vaccines and drugs for malaria, Polio, HIV and Tuberculosis using its agency USAID will have adverse effects on Nigerians affected by such diseases.
“On this note, the president proactively made a new provision of $200 million, which is equivalent to N300 billion, in the Service Wide Votes to fill the gap created by the United States (US} government’s suspension of interventions in Nigerian health sector, to proactively address the above-mentioned health challenges, which are currently being suffered by countries, like Uganda and others.”
He added that the increment took care of some critical agencies of government, which made the National Assembly to forward genuine requests to the president.
He said after thorough examination by the Joint Appropriations Committee, additional funds were provided to some federal agencies.
The agencies included the Independent National Electoral Commission (INEC}; Nigerian Financial Intelligence Unit (NFIU); Economic and Financial Crimes Commission (EFCC); and Independent Corrupt Practices and Other Offences Commission (ICPC).
Others, according to him, were the National Judicial Council (NJC); National Drug Law Enforcement Agency (NDLEA); Department of State Services (DSS); Ministry of Foreign Affairs; and the armed forces, among others.
Adeola clarified that the country was currently implementing the capital component of the 2024 budget.
He said, “We are running just two budgets – the 2024 budget capital, which has been extended to June of 2025, and the one that has just been passed, the 2025 budget.
“So, we have only two budgets that are working and we are in consciousness of that. The reason we are having two budgets presently is as a result of the procurement process.
“I believe we are doing something in that regard to ensure that once the budget is passed, procurement should commence. So that in no time, once the procurement is concluded, funding of the budget can also commence.”
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