JUST IN: Senate passes N49.7 trillion 2025 Budget for second reading

The Senate on Thursday approved the second reading of the 2025 Appropriation Bill, totalling N49.7 trillion, presented earlier by President Bola Ahmed Tinubu to a joint session of the National Assembly.

Nicknamed “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” the fiscal proposal aims to tackle pressing challenges while fostering economic recovery and growth.

Breakdown of the Budget:

• Statutory Transfers: N4.44 trillion
• Debt Service: N16.33 trillion
• Recurrent (Non-Debt) Expenditure: N14.12 trillion
• Capital Expenditure (Development Fund Contribution): N14.85 trillion

The Senate Leader, Opeyemi Bamidele, sponsored the bill, emphasizing its alignment with the administration’s focus on peace, security, and economic restoration.

Following debates on the bill’s objectives and principles, the Senate adjourned its plenary session to January 14, 2025, allowing lawmakers to observe the Christmas and New Year holidays.