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Tag: 2025 Budget

  • 2025 Budget: Senate, House seek withdrawal of contract circulars

    2025 Budget: Senate, House seek withdrawal of contract circulars

    The National Assembly on Thursday called for the withdrawal of all circulars already issued for contracts awards in the 2025 fiscal year.

    It strongly indicated that the N23.9trillion capital component of the N54.99trillion 2025 budget, will be extended to 2026 fiscal year.

    Resolution for withdrawal of circulars already issued for contracts award for the 2025 fiscal year by the executive, was jointly taken by National Assembly committees on Appropriations of both the Senate and the House of Representatives.

    The joint resolution followed the one taken by the House of Representatives Committee on Appropriations on Wednesday during an interactive session with the Economic Team of the Federal Government.

    READ ALSO: Fayose’s brother quits PDP, withdraws from Ekiti governorship race

    The National Assembly’s resolution was revealed at a joint session of both the Senate and House Committees on Appropriations with the Economic Team on Thursday at the Senate.

    The Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola (APC, Ogun West) read the resolution of the joint Committee during its session with the Economic Team.

    Adeola said: “Capital Component of 2024 budget will continue till December 31st, 2025.

    “Implementation of capital component of the 2025 budget will commence as soon as possible as Authority to Incur Expenditure (AIE) should be issued within seven days after this session with the economic team.

    “Circulars issued by the Ministry of Finance to the Ministries, Departments and Agencies (MDAs) should be withdrawn pending issuance of AIE.”

    Members of the Economic Team at the assessment of 2024, 2025 budget implementation session with the joint committee included Minister of Finance Wale Edun; Minister of Budget and Economic Planning, Senator Atiku Bagudu; the Accountant General of the Federation, Samsudeen Ogunjimi and the Director-General of the Budget Office, Tanimu Yakubu.

    The two parties later went into a closed door session after the adoption of the resolution without any contrary opinion from any member of the Economic Team.

  • N54.9 trillion 2025 Budget goes into effect

    N54.9 trillion 2025 Budget goes into effect

    The Federal Government will begin the implementation of the N54.99 trillion 2025 national budget this month as the 2024 fiscal year winds down.

    Director-General, Budget Office of the Federation, Mr. Tanimu Yakubu,   made this known during the 3rd Quarter Ministerial Stakeholders and Citizens Engagement Forum, organised by the Ministry of Budget and National Planning, in Abuja yesterday.

    The 2025 budget includes capital expenditure of N23.96 trillion, recurrent expenditure of N13.64 trillion and statutory transfers of N3.65 trillion.

    In terms of sectoral distribution, defence and security received the single largest share of N4.91 trillion. Infrastructure development was allocated N4.06 trillion, while education and health received N3.5 trillion and N2.4 trillion, respectively.

    Yakubu explained at the event that the 2025 budget, christened the “Budget of Restoration,”  was designed to accelerate economic growth, improve delivery of public services, and channel investments into sectors that can drive inclusive development.

    According to him, fiscal discipline and efficiency will determine how well the budget delivers on its promises.

    READ ALSO: Asamoah Gyan accuses Osimhen of faking injury in World Cup qualifiers

    “This budget belongs to the people. Nigerians are the ultimate owners of public resources, and the way these resources are managed must reflect that reality,” Yakubu said.

    He added that steps are being taken to make the budget more accessible, including translating documents into local languages and simplifying technical information so that communities can follow up on its implementation and hold the government to account.

    Yakubu also drew attention to fiscal challenges that continue to test Nigeria’s public finance system.

    Among them are the difficulty of setting realistic revenue targets in the oil sector, the fiscal implications of the Petroleum Industry Act (PIA), weak revenue recognition in project financing and tax credit schemes and the heavy burden of debt servicing, which will take up N14.3 trillion in the 2025 budget.

     He explained that in order to strengthen the economy, strategies such as ward-based development programmes across 8,809 wards, tax reforms and partnerships with international partners are being implemented.

    The Budget Office boss noted that one of such initiatives is a $30.9 million Nigeria-Japan start-up programme aimed at encouraging innovation.

      Budget and National Planning Minister Atiku Bagudu told the participants that the government remains committed to making decisions guided by evidence.

    “We cannot afford to design policies based on guesswork. Data must guide every step we take because it is the foundation of responsible governance,” Bagudu said.

    Statistician-General of the Federation, Adeyemi Adeniran, stressed the importance of public trust in national statistics.

    He called for more investment in data systems, pointing out that issues such as limited survey sample sizes, poor funding, and outdated equipment hinder accuracy and quality.

    “Statistics are not for government alone; they are public goods. Every citizen should not only have access to them but also understand what they mean. The media and civil society have a role in making this happen,” Adeniran said.

  • BREAKING: Tinubu signs N54.99trn 2025 Budget into law

    BREAKING: Tinubu signs N54.99trn 2025 Budget into law

    President Bola Ahmed Tinubu has just signed the N54.99 trillion 2025 Appropriation Bill into law at the State House, Abuja. 

    The bill, which was passed in separate sessions by the two Chambers of the National Assembly on Thursday, February 13, after increasing it from the initial figures of N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the President’s office. 

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    The 2025 Appropriation Act represents a 99.96% increase from the 2024 Budget of N27.5 trillion. 

    The key breakdown of the 2025 budget is as follows: Total Expenditure: ₦54.99 trillion; Statutory Transfers: ₦3.65 trillion; Recurrent (Non-Debt) Expenditure: ₦13.64 trillion; Capital Expenditure: ₦23.96 trillion; Debt Servicing: ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.

    Details shortly…

  • National Assembly amends items in 2025 budget

    National Assembly amends items in 2025 budget

    The National Assembly on Tuesday amended some items in the 2025 budget, revising figures in the N54.9 trillion budget passed on February 13, 2025.

    During plenary, both the Senate and the House of Representatives made corrections to the budget allocations for various Ministries, Departments, and Agencies (MDAs), with some figures increased and others reduced.

    Francis Waive (APC, Delta), Chairman of the House Committee on Rules and Business, presented the motion for the rescission, explaining that errors were identified by the Joint Appropriation Committee in the initial figures.

    Waive clarified that while the overall budget figure of N54.99 trillion, the statutory transfer of N3.64 trillion, and N14.317 trillion remained unchanged, adjustments were made to the recurrent (non-debt) expenditure of N13.558 trillion and the capital budget of N23.439 trillion.

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    According to him, the National Assembly on February 13 inadvertently  passed N13.064 trillion for recurrent expenditure and N23.93 as capital budget.  

    According to the document, Ministry of Defence, Ministry of Police Affairs, National Pension Commission, Universities Pensions, Office of the Head of the Civil Service of the Federation (civilian pensions),  Pension Transition Arrangement Directorate and a few other agencies had their budget figures reduced in the document that was earlier passed.

    Also, he said that the Presidency, Federal Ministry of Information and National Orientation, Office of the National Security Adviser, Office to the Secretary to Government of the Federation, Federal Ministries of Agriculture and Food Security, Works, Labour and Employment, Transportation, Innovation, Science and Technology, Education, Environment, Health and social Welfare among others had their budget estimate increased in the document earlier passed.

    Waive said what was required of the Lawmakers was to effect the corrections identified in the document in the process of compilation by the Joint Committee, adding the rescission and passage will not in any way affect the main figure of N54.99.

  • JUST IN: Reps increase 2025 budget to N54.99tn

    JUST IN: Reps increase 2025 budget to N54.99tn

    The House of Representatives on Thursday increased the 2025 budget of the federal government from N54.2 trillion to N54.99 trillion.

    The president had submitted a budget of N49.7 trillion to a joint session of the National Assembly in December for consideration but later requested an increase in the estimate to N54.2 trillion given additional revenue available to the government.

    However, presenting the report of the House Committee on Appropriation for consideration, the Chairman of the Committee, Kabiru Abubakar Bichi said the joint Committee of the Senate and the House agreed on the figure after a series of meetings.

    He revealed that after a joint meeting with revenue-generating agencies, the Committee realised the availability of additional revenue which it forwarded to the Executive to be included in the budget.

    Read Also: BREAKING: Senate passes N54.99tr 2025 budget

    The additional revenue of N4.5 trillion from the increase in the aggregate budget which the president requested for.

    The Nation discovered that the North Central Development Commission and South-South Development Commission were not budgeted for in the original budget received appropriation.

    Also, the Independent National Electoral Commission (INEC) had its budget increased from N40 billion to N140 billion for its activities for 2025.

    The Chairman of INEC had requested an increase of the budget of the commission to about N125 billion, saying the N40 billion being allocated to it did not take into consideration the new minimum wage and the activities of the commission for 2025.

    Details shortly…

  • Senate urges FG to approve N10bn for Capital Market in 2025 budget

    Senate urges FG to approve N10bn for Capital Market in 2025 budget

    The Senate on Tuesday urged the federal government to approve the allocation of N10billion for the Capital Market in the 2025 budget.

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    The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, made the call when the Minister of Finance and Coordinating minister for the Economy, Dr. Wale Edun, appeared before the panel in Abuja.

    Izunaso said the request has become necessary to boost the operations of the capital market in the country towards contributing meaningfully to economic development.

    Details shortly…

  • 2025 Budget: Lagos to spend N1,052trn on infrastructural development

    2025 Budget: Lagos to spend N1,052trn on infrastructural development

    Lagos State Government said it has earmarked N1.052 trillion for infrastructural development and sustainability in its 2025 budget.

    Speaking during the breakdown of the budget at a press briefing held at Alausa, Ikeja on Friday, the Commissioner for Economic Planning and Budget, Mr. Ope George, said the amount earmarked was in line with Governor Babajide Sanwo-Olu’s administration’s plan to complete ongoing projects in different parts of the State.

    George addressed the press in the company of his colleagues, Mr Gbenga Omotoso (Information and Strategy); Mr. Abayomi Oluyomi (Finance); Prof. Akin Abayomi (Health); Mr. Tokunbo Wahab (Environment and Water Resources); Mr. Oluwaseun Osiyemi (Transport); Mr. Tunbosun Alake (Innovation, Science and Technology); Mr. Biodun Ogunleye (Energy and Mineral Resources); Mr. Jamiu Alli-Balogun (Basic Education) and Mr. Tolani Akibu (Tertiary Education), as well as the Special Adviser to the Governor on Works, Dr. Adeyinka Olayinka, and his counterparts, Engr. Olufemi Daramola (Infrastructure) and Dr. Rotimi Fashola (Agriculture).

    Read Also: Why Tinubu increased 2025 Budget by N4.5tn, by Bagudu

    George also disclosed that the ₦3.367trillion budgeted by the state government will be funded from a total revenue estimate of ₦2.968 trillion, comprising N2.230 trillion from Internally Generated Revenue (IGR), Capital Receipts of N111.839 billion and federal transfer of N626.137 billion.

     He said the Lagos State Internal Revenue Service (LIRS) is expected to contribute 63 percent (N1.4 trillion) of the projected IGR, while other ministries, departments, and agencies (MDAs) of government will generate about 37 percent (N830.177billion).

    He said 80 percent of revenue will be generated internally to finance the 2025 budget implementation, noting that the State Government will achieve budget sustainability by deepening revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering, and analysis, among other initiatives.

    He said the budget tagged” “Budget of Sustainability” is not just a fiscal document but structured around providing economic stability, environmental stewardship, and social equity to ensure Lagos continues to thrive sustainably for generations to come.

  • National Assembly may pass N49.7trn 2025 budget this week

    National Assembly may pass N49.7trn 2025 budget this week

    Indications emerged on Monday that the National Assembly may pass the proposed N49.7 trillion 2025 Appropriation Bill this week.

    The Senate and House of Representatives joint Committees on Appropriation are expected to lay their reports tomorrow (Tuesday), barring any last-minute hitch.

    Although both chambers had initially scheduled to pass the budget last Friday, January 31, 2025, the date was shifted to allow standing committees to complete their budget defence process undertaken by heads of Ministries, Departments, and Agencies (MDAs) of the Federal Government.

    Both chambers are also expected to adjourn plenary in honor of the late Deputy Chief Whip of the House of Representatives, Rt. Hon. Oriyomi Adewunmi Onanuga, upon resumption on Tuesday. However, the Appropriations Committees are expected to submit their report to the committee of the whole for further consideration.

    Speaking to our correspondent in Abuja, the Chairman, Senate Committee on Media and Public Affairs, Senator Adeyemi Adaramodu, confirmed that the budget would likely be passed this week depending on the content of the report expected to be presented by the National Assembly Committees on Appropriations before the respective chambers.

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    “You know we are reconvening on the 4th which is Tuesday. So when we convene, we will be expecting the reports.

    “So issues that the reports would generate will determine the day the budget will be passed.

    Responding to a question, the spokesman of the Senate said: “It’s not going to be a graveyard silence. The report would be laid on the floor and then we will ask questions from the Committee on Appropriation and the Committee on Finance.

    “Thereafter the Senate would seek the concurrence of the House of Representatives and then the transmission to the presidency for assent. So, the Senate is expecting the report of the Committee on Appropriation on Tuesday.

    Immediately, it will be committed to the Committee of the Whole chamber whereby we pick the budget clause by clause, almost line by line.”

    Asked if the budget would be passed this week, Adaramodu said: “We may likely pass it but it depends on so many variables, like the report of the Appropriations Committee and then the exhaustive debate that we will have on the budget report thereafter.

    “We want to do this budget thoroughly so that we will not be going back and forth on all these supplementary. We want to be thorough. We want to be thorough with it.”

    Responding to a question on whether there is likely going to be an increase in the total budget sum presented to the National Assembly by President Bola Ahmed Tinubu in December 2024, in view of several requests made by some MDAs for their allocations to be increased, Adaramodu said that would depend on the recommendations the Appropriations Committees would make to both chambers in their report.

    He said: “Even if the budget is N100 trillion agencies would still ask for further increase but when we look at the merit of it, then as submitted in the report of the Appropriation Committee and that of Finance, you know even when we are dealing with the budget we have to be mindful of the revenue to be generated by the federal government.”

  • We have done due diligence on 2025 budget, says Reps deputy spokesman

    We have done due diligence on 2025 budget, says Reps deputy spokesman

    Deputy spokesman of the House of Representatives, Phillip Agbese said on Tuesday that the parliament has done a real surgical operation on the 2025 budget estimate presented to it by President Bola Ahmed Tinubu. 

    The President had presented N49.70tn 2025 budget estimate to the National Assembly, saying that the lawmakers began considering the budget on the 10th of January. 

    Agbese said the various committees of the House have taken time to work on the budget estimates of the various Ministries, Departments and Agencies ahead of the passage of the 2025 budget estimates.

    He said, “You are aware that we commenced the defence of the 2025 budget estimates earlier this month and so far, we have done a good job. As we promised, we did our best to ask the relevant questions and where we were not satisfied, we demanded explanations.

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    “Some of the MDAs made beautiful presentations, others did not. The media witnessed some if not all these issues during our budget defence sessions. What was not done in the media spotlight is that we carried out a surgical operation on these proposals in such a way that Nigerians will get value for their money.

    “As a parliament, we are aware of the difficulties of the times and there is no way we would approve frivolous budgetary demands. We made this clear to the Ministers and Heads of agencies that they must look for innovative ways to generate revenue to enable the government to run effectively. 

    “We also made it clear that we will not approve frivolous demands as proposed to us. They left with this message, aware that with the 10th Assembly, it is never business as usual anymore,” Hon Agbese said.

    He assured that the House under the leadership of Speaker Tajudeen Abbas will always prioritise integrity while dealing with any national assignment, saying, “From day one, we promised that as representatives of Nigerians, we would ensure that the right thing is done. The budget is about Nigerians and so, anything that goes contrary to the interest of Nigerians will not be of interest to us.”

    Agbese called on Nigerians to continue to support the President Bola Tinubu-led government in its bid to revamp the economy and deliver on good governance.

  • Edun, Idris take first shot as 2025 budget defence opens

    Edun, Idris take first shot as 2025 budget defence opens

    • Environment minister makes presentation before lawmakers

    Three ministers took turns yesterday to explain the gains of the stoppage of petrol subsidy payment, Budget 2024 implementation performance and the importance of the national identity scheme.

    The ministers are Mr. Wale Edun (Finance/Coordinating Minister for the Economy), Atiku Bagudu (Budget/Economic Planning) and Mohammed Idris (Information and National Orientation).

    It was during a special budget defence session organised by the Senate Committees on Appropriation, Information and National Orientation for some ministries, departments and agencies (MDAs).

    The senators sought explanations from Edun and Bagudu on the gains of petrol fuel subsidy removal and the amount spent on debt servicing in 2024.

    Idris, who was represented by the Director-General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu, and News Agency of Nigeria (NAN) Managing Director, Alli Mohammed Alli, explained the need for the national identity project being championed by NOA.

    Edun, who explained the extent to which last year’s budget had been implemented, especially its capital component, was asked by a member of the committee, Senator Abdul Ningi (PDP – Bauchi Central), to explain how proceeds from petrol subsidy removal were applied in the 2024 fiscal year.

    Ningi said: “What is the budget performance achieved so far for 2024 fiscal year, particularly in terms of the capital expenditure?

    “We haven’t heard from the minister how much has been saved from the removal of fuel subsidy and how much has been expended.

    “We also haven’t heard from the minister about the debt servicing. How much have we actually used to service our debts in 2004?

    “How much are we expecting to service the debt in 2005?

    “Finally, will the Minister of Finance guarantee that the extension of the capital component of the 2024 Budget to June 30, will give the desired results in terms of implementation that had a low percentage now?”

    The minister requested the committee to allow him to provide answers in an executive session, which was granted by the Committee chaired by Senator Solomon Adeola (APC – Ogun West).

    “Are we in a closed-door session? If we are not in a closed-door session, I will humbly seek for that for detailed explanations on the questions asked,” the minister requested.

    Issa-Onilu and Ali were separately quizzed over their allocations, projects and 2024 Budget performance when they appeared before the Senate Committee on Information and National Orientation.

    They (Issa-Onilu and Alli) were directed to re-draft and re-present their budgetary proposals for the 2025 fiscal year.

    The committee chaired by Senator Kenneth Eze (APC – Ebonyi Central), quizzed the NOA DG on the national identity project being championed by the agency.

    He said: “Nigerians are not aware of the project particularly those residing at the grassroots.”

    The NOA DG told the committee members that the project was very necessary to enhance the right value system.

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    “The challenge we have about value system is about national identity, which is very necessary at galvanising Nigerians for nation building, national development and growth,” Issa-Onilu said.

    However, the committee insisted that he should redraft programmes to be captured and appropriated for in the 2025 fiscal year.

    All were told to go and reconcile disjointed figures presented in the 2024 Budget implementation before returning to defend the NAN’s vote in this year’s Appropriation Bill.

    Also yesterday, the House of Representatives Committee on the Environment frowned at “the abysmally” low release of funds to the Ministry of Environment.

    The committee blamed the lack of cash backing for several missed opportunities to address environmental challenges across the country.

    Chairman of the Committee, Julius Pondi, listed such environmental challenges as deforestation, pollution, erosion and the effects of climate change on the various communities.

    Pondi said the appraisal of the 2024 Budget review will set the tone for planning and resource allocation in this year’s budget.

    He also expressed concern that the Environmental Health Council of Nigeria (EHCON) and 13 professional bodies/councils were removed from budgetary allocations, adding that the same bodies have since been re-instated, leaving only the EHCON.

    He urged the Minister of the Environment, Balarabe Lawal, to work closely with the committee to ensure EHCON’s reinstatement.

    Pondi said: “As a committee, we are disposed to increase budgetary allocations for this critical sector, in as much as we see key projects that are envisioned that will strengthen climate resilience, combat pollution, enhance community awareness, and ensure accountability in the Year 2025 Budget Proposal of the Ministry and its Agencies.

    “Without prejudice, please be reminded, that Section 80(4) of the 1999 Constitution (as Amended) provides that no money shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in a manner prescribed by the National Assembly.”

    According to Pondi, the budget defence session serves as a cornerstone in the collective efforts to ensure transparency.

    He said: “You may recall that the House of Representatives, on various occasions at plenary, deliberated motions ranging from erosion, desertification and flood disasters in many parts of the country, necessitating government intervention through the Ministry of the Environment and other agencies.

    “These unfortunate occurrences have deprived thousands, especially in the country’s agrarian region, of their livelihood and ability to contribute their quota to national development.

    “As the people’s parliament, we have not rested on our oars, neither should any of you. Our primary focus is to evaluate how the financial resources allocated have been utilised to achieve set objectives.

    “This session will enable us to identify progress made in implementing projects and programmes across key environmental sectors, address challenges that may have hindered the achievement of goals and provide actionable input in the 2025 estimates.”

    Calling for increased budgetary allocation to his ministry to achieve its mandate, Lawal said the Ministry of the Environment installed about 2,200 units of solar street lights in communities and 45 solar-powered boreholes to provide clean water for Nigerians.

    He said the ministry also installed 5kv solar power in five institutions in Ekpoma, Edo State, Nsukka, Enugu State, Zaria, Kaduna State and Abuja.