Lawmakers approve 2025 budgets 24hrs after Tinubu’s presentation

The National House of Assembly has passed the 2025 N49.7 trillion Appropriation Bill for its second reading.

This came 24 hours after President Bola Tinubu presented the proposed bill before the joint session for approval, to assist the administration achieve set policies and programmes.

During the plenary session, the senates deliberated on the budget christened “budget of restoration” and then was referred to the Committee on Appropriations after being put to a voice vote by the Senate President, Godswill Akpabio, who presided over the session.

The Senate ordered the committee to report to the floor within four weeks while adjourning its plenary session to January 14, 2025,  to allow lawmakers to partake in the Christmas and New Year holidays.

President Tinubu, yesterday, said the proposed budget targets an N34.8 trillion revenue projection including N15.81 trillion for debt service and an N13.0 trillion deficit.

Under the 2025 proposal, key economic areas took a huge leap forward with defense/security allocated N4.91 trillion, health receiving N2.4 trillion, and education getting N3.5 trillion.

According to Tinubu, it seeks to consolidate the key policy instituted by the president, in order to restructure the economy, boost human capital development, increase the volume of trade and investment, and boost oil production among others.