By Nathaniel Zacchaeus and Chukwudi Obasi, Abuja
The National Assembly yesterday passed the N54 990,165,355,396 appropriation Bill into law for the 2025 fiscal year.
Both chambers of the National Assembly passed the fiscal bill after due consideration at plenary.
The bill’s passage followed President Bola Tinubu’s recent revision, which raised the budget from an initial ₦49.7trn to ₦54.2trn.
The President said the adjustment was based on additional revenue projections from various government agencies.
The Senate Committee on Appropriation Chairman, Senator Solomon Adeola, and his counterpart in the House, Honourable Abubakar Bichi, presented the joint report to their colleagues during plenary.
The report noted that the joint committee met with the Presidential Economic Planning team to discuss revenue projections and expenditures for the 2025 Appropriation Bill further.
The report stated that the 2025 Appropriation Bill was presented late compared to 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 is for Statutory Transfers; N14,317.142,689,548 is for Debt Service; N13,064,009,682,673 is for Recurrent (Non-Debt) Expenditure while the sum of N23,963, 251,624,250 only is for contribution to the Development Fund for Capital Expenditure.
Briefing journalists after the budget was passed, the Chairman of the Senate Committee on Appropriation, Solomon Adeola explained why the National Assembly approved an additional sum of N700bn to the N54.2trn 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 $200m which is equivalent to N300bn, in the Service Wide Votes to fill the gap created by the United States government’s suspension of intervention to Nigerian Health sector, to proactively address the abovementioned health challenges which are currently being suffered by Countries like Uganda and others.”
Adeola 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.
They include, the Independent National Electoral Commission (INEC); Nigerian Financial Intelligence Unit (NFIU); Economic and Financial Crimes Commission (EFCC) and the 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 Service (DSS), and the Ministry of Foreign Affairs and the Armed Forces among others.
*Says capital component of 2024 budget will run till June
Adeola clarified that the country is 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 is working and we are in consciousness of that. The reason we are having two budget 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.
