Senate Approves 2025 Budget with N750 Billion Increase

The Nigerian Senate has approved the 2025 budget, raising it by N750 billion to a total of N54.9 trillion. This follows President Bola Tinubu’s request for an upward revision from the initial N49.7 trillion proposal to N54.2 trillion.

Senate President Godswill Akpabio announced the budget’s passage on Thursday after a majority of senators supported it through a voice vote. The decision came after a review of the report presented by Adeola Olamilekan, Chairman of the Senate Committee on Appropriations. The approved budget includes N3.6 trillion for Statutory Transfers, N14.3 trillion for Debt Service, N23.9 trillion for Capital Expenditure, and N13.8 trillion for Fiscal Deficit.

President Tinubu had justified the budget increase by citing additional revenue generated by agencies such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS). The Senate approved an additional N5.4 trillion to address key development projects, including N1 trillion for the Solid Minerals Sector and N1.6 trillion for the recapitalization of the Bank of Agriculture (BOA).

A significant portion of the funds was allocated to infrastructure projects, with N5 trillion earmarked for various developments, including N380 billion for irrigation through River Basin Development Authorities. Road construction and rehabilitation received N300 billion, while N400 billion was allocated for urban light rail networks. Border communities were granted N50 billion, military barracks received N250 billion, and N120 billion was appropriated for military aviation.

The budget also introduced a $200 million (N300 billion) provision to address health sector challenges following the suspension of U.S. government aid. Additionally, key agencies such as the Independent National Electoral Commission (INEC), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the National Judicial Council (NJC), and the National Drug Law Enforcement Agency (NDLEA) received increased funding.