By Chibuike Nwabuko
ABUJA (Precise Post) – Finally, the Nigerian Senate on Thursday passed the sum of N54,990,165,355,396.00 as aggregate expenditure of the federal government in the 2025 fiscal year
The Bill was passed after the upper chamber reviewed key highlights of the bill, which outlines a total aggregate expenditure of 54.99 trillion naira.
The budget breakdown includes significant allocations for recurrent spending, capital projects, and debt servicing, as well as a projected fiscal deficit.
Key Budget Allocations include Total Expenditure: N54.99 trillion, Statutory Transfers: N3.65 trillion, Recurrent (non- debt) Expenditure: N13.64 trillion, Capital Expenditure: N23.96 trillion, Debt Servicing: N14.32 trillion, Fiscal Deficit: N13.08 trillion and Deficit-to-GDP Ratio: 1.52%.
President Bola Tinubu had originally presented a ₦49.7 trillion budget to the National Assembly on December 18, 2024
However, on February 5, 2025, he revised the budget upwards to ₦54.2 trillion, citing additional revenue to be generated by key government agencies.
Precise Post recalls that Labour Party presidential candidate in the February 25, 2023 general election, Peter Obi had last week while reacting to the increase in budget on his X account, faulted it because said some of the details were not disclosed.
According to him, while the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase.
He therefore demanded that for transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people.
“Such expenditures should be directed toward critical areas of development; education, healthcare, security, and poverty alleviation.
Obi who questioned the level of execution of the 2024 budget passed stressed that Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget passed in December 2023 to ensure that it has been properly utilized for the country’s future development and the well-being of its citizens.
He therefore called on the National Assembly to seize the opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget. Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.
As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation. Obi added.