The Federal Government has allocated N845 billion to address minimum wage-related adjustments following the recent increase to N70,000.
The allocation is part of the service-wide vote detailed in the 2025 budget proposals, which was presented by President Bola Ahmed Tinubu to the National Assembly on Wednesday.
Yesterday, the Senate and House of Representatives passed the 2025 Appropriation Bill of N49.7 trillion for a second reading.
The budget provides N10.9 billion for local contracting debt obligations.
Another key item is N17.3 billion for group life assurance for all ministries, departments, and agencies (MDAs), including the Department of State Services (DSS).
The allocation covers the insurance of sensitive assets, corps members, and administrative monitoring.
The Federal Government set aside N100 billion for “Operation Lafiya Dole” and other armed forces operations.
Additionally, N20 billion has been allocated for the recapitalisation of the Ministry of Finance Incorporated (MOFI).
The passage of the 2025 budget for the second reading followed the consideration and debate on the objectives and general principles of the fiscal document christened: “The Restoration Budget: Securing Peace, Rebuilding Prosperity” separately by both chambers during their plenary sessions.
Senate Leader, Opeyemi Bamidele and House leader Julius Ihonvbere sponsored the Bill in both chambers.
It is entitled: “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 which 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).”
Opeyemi in his lead debate, described the 2025 Budget as a reflection of the theme.
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