The Nigerian Senate on Thursday passed the 2025 Appropriation Bill of N49.7trillion for its second reading.
It would be recalled that President Tinubu presented the budget before the joint session of the National Assembly on Wednesday.
The budget for 2025 which has a total estimate of N49.5 trillion has been tagged “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”
The Senate Leader, Opeyemi Bamidele sponsored the Bill titled: A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N49,740,165,355,396 only.
Of this amount N4,435,761,358,925 only is for Statutory Transfers, N16,327,142,689,549 only is for Debt Service, N14,123,544,196,406 only is for Recurrent (Non-Debt) Expenditure while the sum of N14,853,717,110,517 only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2025, and for related matters, 2024 (SB. 681).”
The budget also has a plan for N34 trillion revenue and N15 trillion debt servicing figure.
The budget it passed will be the largest in the history of the country in naira terms.
The Senate also adjourned its plenary session until January 14, 2025, to allow lawmakers to partake in the Christmas and New Year festivities.