The House of Representatives has passed the sum of N54.9 trillion as budget for the 2025 fiscal year.
The House passed the budget following the submission of the report by the chairman of the committee on appropriation, Mr. Abubakar Bichi.
Out of the figures passed, N3.65 trillion is for statutory transfer, debt service is N14.32 trillion, N13.06 trillion is for recurrent (non-debt) expenditure, while contribution to the development fund for capital expenditure is N23.96 trillion.
The green chamber appealed to the President to submit the budget for the next fiscal year three months before the end of the year.
Last year, both chambers approved the 2025-2027 Medium-Term Rxpenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) – parameters on which budgets are framed.
The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.
It maintained the Gross Domestic Product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.
The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.
The Ministry of Information and National Orientation got N31,489,068,242,00 for the financial year.
On December 18, President Bola Aed Tinubu presented N49,740,165,355,396 as the budget for 2025 before the joint sitting of the Senate and House of Representatives.
On February 5, the President asked the National Assembly to raise the budget by N4,530,479,970,637.
The House passed N54,990,165,355,396 as the 2025 budget, increasing it by N719,520,029,363.
Emmanuel Ukoh
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