The National Assembly has approved a N54.9 trillion budget for the 2025 financial year, increasing the initial proposal by N700 billion from N54.2 trillion.

The approval follows President Bola Tinubu’s request to raise the budget from the originally proposed N49.7 trillion, citing additional revenue generated by key government agencies.

During Thursday’s plenary session, the Senate and House Committees on Appropriations presented their reports, highlighting allocations for statutory transfers, debt servicing, recurrent expenditure, and capital projects.

Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola, alongside his House counterpart, Abubakar Bichi, confirmed that the funds would be drawn from the Consolidated Revenue Fund of the Federation.

With this approval, the 2025 budget will guide the country’s fiscal operations until December 31, 2025.