President Tinubu Enacts N54.99 Trillion Budget for 2025

President Bola Tinubu signed the N54.99 trillion 2025 Appropriation Bill into law, reflecting a drastic increase from the previous budget. The budget includes significant allocations for both capital and recurrent expenditures, debt servicing, and establishes a modest deficit-to-GDP ratio. Key leaders from the National Assembly were present during the signing ceremony.

On Friday, President Bola Tinubu officially enacted the N54.99 trillion 2025 Appropriation Bill into law at a ceremony held in the State House, Abuja. This significant budgetary document was previously approved by the National Assembly on February 13, having been revised from an initial proposal of N49.7 trillion. The budget signing ceremony took place in the President’s office, attended by notable figures including Senator Godswill Akpabio, the President of the Senate, along with other leading legislators.

The enacted 2025 Appropriation Act marks a remarkable 99.96 percent increase in comparison to the N27.5 trillion budget for 2024. The total expenditure outlined in this year’s budget comprises ₦54.99 trillion, which includes statutory transfers amounting to ₦3.65 trillion and recurrent non-debt expenditures totaling ₦13.64 trillion. Moreover, the capital expenditure is set at ₦23.96 trillion, while debt servicing is allocated ₦14.32 trillion, culminating in a deficit-to-GDP ratio of 1.52 percent.

In conclusion, President Bola Tinubu’s signing of the N54.99 trillion budget for 2025 signifies a major increase in national spending and investment. The budget reflects enhancements to various sectors through substantial allocations in capital expenditure, debt servicing, and government programs aimed at economic growth. This legislation underscores the administration’s commitment to addressing the country’s financial priorities, as it strives to forge a path toward sustainable development.

Original Source: nannews.ng