The Senate has passed the 2025 Appropriation Bill, authorizing the issuance of a total sum of N54.99 trillion from the Consolidated Revenue Fund of the Federation, of which N3.645 trillion is allocated for Statutory Transfers.
It may be recalled that on Wednesday, December 18, 2024, President Bola Ahmed Tinubu presented the 2025 Appropriation Bill before a joint sitting of the National Assembly.
Tagged the “Budget of Restoration: Securing Peace and Building Prosperity,” the bill contains the Federal Government’s revenue and expenditure estimates for the 2025 fiscal year, amounting to N49.74 trillion, in accordance with Section 81(1) of the 1999 Constitution (as amended).
During the session, while presenting the report, the Chairman of the Senate Committee on Appropriation, Senator Solomon Olamilekan, explained that while processing the bill, the Joint Committee on Appropriations met with the President’s Economic Team to further discuss the revenue projection and expenditure of the 2025 Appropriation Bill.
He said that after a series of meetings, the Committee on Finance, in conjunction with the Appropriation Committee, sourced additional revenue from some revenue-generating agencies, resulting in a total sum of N4.53 trillion in additional revenue.
This was communicated to the Executive, who allocated the funds to address critical challenges and advance the government’s development efforts in the Solid Minerals Sector (N1 trillion), recapitalize the Bank of Agriculture (BOA) (N1.5 trillion), recapitalize the Bank of Industry (BOI) (N500 billion), and support Critical Infrastructure Projects through the RHID Fund (N1.5 trillion).
Accordingly, these projects will cover Irrigation Development (through River Basin Development Authorities): N380 billion, Transportation Infrastructure (Roads & Rail): N700 billion (N300 billion for the construction and rehabilitation of critical roads and N400 billion for the development of a light rail network in urban centers).
Senator Solomon further said
Border Communities also got the sum of 50 billion naira, Military Barracks Accommodation got the sum of #250 billion, Military Aviation 120 billion.
Also added that the Joint Committee discussed issues arising from excess of the details of the budget over the bill to the tune of 270 billion.
The Chairman assured that after the joint committees of appropriation of both chambers agreed on the new figures of 54.990 trillion naira, 14,317 trillion naira only is for Debt Service, while 13,064 trillion naira is for Recurrent (Non-Debt) Expenditure.
Senator Solomon Olamilekan further explained that a total sum of N23.963 trillion was allocated as a contribution to the Development Fund for Capital Expenditure for the year ending December 31, 2025, along with the accompanying schedules and details.
What Nigerians are eagerly waiting to see is the proper implementation of the budget for the benefit of all.
Cov/Bashir M
