By Fatima Abubakar, Abuja
The Nigerian Senate has passed the second reading of the 2025 Appropriation Bill, valued at N49.7 trillion, making it the largest budget in the nation’s history. The budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” aimed to drive economic recovery, security, and infrastructure development.
Sponsored by Senate Leader Opeyemi Bamidele, the bill authorized withdrawals from the Consolidated Revenue Fund to meet statutory transfers, debt servicing, recurrent, and capital expenditure for the 2025 fiscal year.
A detailed breakdown of the budget included:
N4.44 trillion for Statutory Transfers,
N16.33 trillion for Debt Servicing,
N14.12 trillion for Recurrent Expenditure (Non-Debt), and
N14.85 trillion for Capital Expenditure.
With projected revenue of N34 trillion and N15 trillion allocated for debt servicing, the budget sets an ambitious tone for addressing key national priorities.
Speaking during the plenary, Senate Leader Bamidele described the budget as a framework for restoring stability and growth.
The Senate has adjourned its plenary until January 14, 2025, to allow members to observe the Christmas and New Year holidays. The budget will now proceed to the committee stage for further scrutiny in the new year.
