The National Assembly on Tuesday, rescinded its decision on the passage of the 2025 budget bill, citing the need to correct errors in the allocations to capital and recurrent expenditures.
The adjustment, which was prompted by a motion from Senator Adeola Olamilekan, Chairman of the Joint Committee on Appropriations, and Hon. Abubakar Kabir, Chairman of the House Appropriations Committee, led to a reallocation of funds.
The revised bill now allocates N13.588 trillion to recurrent expenditure, an increase of N524 billion, while capital expenditure has been reduced by the same amount to N23.439 trillion.
Despite the reversal, the overall budget size remains unchanged at N54.9 trillion.
The National Assembly initially passed the budget on Thursday, February 13, with recurrent expenditure set at N13.064 trillion and capital expenditure at N23.963 trillion. However, upon further scrutiny, lawmakers identified discrepancies that required immediate rectification.
The changes were necessitated by technical errors in the breakdown of allocations, particularly in priority sectors requiring additional funding for salaries, pensions, and overhead costs as well as the need to balance spending efficiency with developmental projects.
With the budget corrections now made, the bill is expected to be transmitted to President Bola Tinubu for assent.
The breakdown of the 2025 budget as approved is as follows: 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; and Fiscal Deficit: N13.08 trillion.
