President Bola Tinubu has signed into law the 54.99 trillion naira 2025 Appropriation Bill.
Tinubu signed the budget in the presence of principal officers of the National Assembly and other top government officials in a small ceremony in his office at the State House, Abuja, on Friday.
The bill was passed by the two Chambers of the National Assembly on Thursday, February 13, after Tinubu asked for an increase from the proposed 49.7 trillion naira.
The National Assembly approved a 54.99 trillion naira budget for the fiscal year, surpassing President Bola Tinubu’s initial proposal of 54.2 trillion naira.
This increase reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.
The budget aims to address key areas, including security, infrastructure, education, and health, with an allocation of 200 million dollars to mitigate the impact of recent U.S. health aid reductions.
The 2025 budget is based on ambitious economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel.