The N54,990,165,355,396 proposed budget for the year 2025 was passed by the National Assembly yesterday.
The sum is N749.99 billion higher than N54.2 trillion estimates forwarded to both chambers of the National Assembly by President Bola Ahmed Tinubu.
The estimates will now be presented to the President for assent.
It was gathered that the newly created Northcentral Development Commission and Southsouth Development Commission, which hitherto were not accommodated in the budget, were allocated some funds.
Also, the Independent National Electoral Commission (INEC) had its budget increased by N100 billion from N40 billion.
Highlights of the N54,990,165,355,396 estimates include: N23,963,251,624,250 as Capital Expenditure, N14,317,142,689,548.00, Debt Service; N13,064,009,682,673, Recurrent and Non-Debt Expenditure and N3,645,761,358,925, Statutory Transfers and Deficit to Gross Domestic Product (GDP) of 1.52 per cent.
The passage of the budget followed the presentation, consideration and adoption of the recommendation of the joint Senate and House of Representatives Committees on Appropriations.
Recall that President Tinubu initially submitted N49.7 trillion to a joint session of the National Assembly for consideration and passage but later requested that it be increased to N54.2 trillion
