President Bola Tinubu has signed the ₦54.99 trillion 2025 Appropriation Bill into law.
The 2025 budget is 99.96% higher than the 2024 appropriation bill of ₦27.5 trillion.
Tinubu signed it in his office at the State House in Abuja on Friday. The bill was increased from the initial figure of ₦49.7 trillion the Nigerian leader submitted.
The National Assembly had on February 13th approved the bill after a series of revisions.
A breakdown of the budget shows that it includes a total expenditure of ₦54.99 trillion and statutory transfers of ₦3.65 trillion. The recurrent (non-debt) expenditure is ₦13.64 trillion.
The capital expenditure is ₦23.96 trillion, debt servicing is taking ₦14.32 trillion) while deficit-to-gross domestic product (GDP) ratio was pegged at 1.52%.
Earlier in the month, Tinubu wrote to the National Assembly about the adjustment of the 2025 budget.
According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
He presented the initial budget to the National Assembly on December 18, 2025.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of Nigeria titled, ‘The Restoration Budget’ securing peace, building prosperity,” Tinubu said.
“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be ₦49.7tn including N15.81tn for debt servicing.
“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar,” he added.
