UPDATED: Reps Approve N54.99trn Budget For 2025 Fiscal Year

The House of Representatives on Thursday, approved the N54.99 trillion for the 2025 fiscal year, although with zero budgetary allocation for Minimum wage-related adjustments under the Service Wide Votes.

President Bola Tinubu had initially proposed a N49.7 trillion budget but later revised it to N54.2 trillion before seeking legislative approval.

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A breakdown of the approved budget showed N3.645 trillion for statutory transfers, N14.317 trillion for debt servicing, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit put at N13.08 trillion.

Under the statutory transfers, National Judicial Council gets N521.626 billion, Niger Delta Development Commission gets N626.533 billion, South East Development Commission gets N140 billion, North West Development Commission gets N145.607 billion, South West Development Commission gets N140 billion, South-South Development Commission gets N140 billion, North Central Development Commission gets N140 billion, Universal Basic Education Commission gets N496.842 billion, National Assembly gets N344.853 billion, Public Complaint Commission gets N14.460 billion, Independent National Electoral Commission gets N140 billion, National Human Rights Commission gets N8 billion, North East Development Commission gets N240.988 billion while Basic Health Care Provision Fund gets N298.421 billion, respectively.

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A breakdown of the N14.317 trillion total debt servicing showed that N7.191 trillion is for Domestic debts (including Ways and Means), N6.749 trillion is for foreign debts, and N377.299 billion is for sinking fundss to retire maturing promissory notes.

From the recurrent (non-debt) expenditure, Presidency gets N111.094 billion, Ministry of Defence gets N2.510 trillion, Ministry of Police Affairs gets N1.226 trillion, Ministry of Interior gets N658.586 billion, National Security Adviser gets N335.975 billion, Ministry of Education gets N1.159 trillion, Ministry of Youths gets N442.271 billion, Ministry of Foreign Affairs gets N286.887 billion, Information and National Orientation gets N75.887 billion, among others.