The Senate on Thursday approved the N49.7 trillion 2025 Appropriation Bill for second reading, after its presentation by President Bola Tinubu to the National Assembly.
The passage of the budget came as the Senate adjourned its plenary session until January 14, 2025, to allow lawmakers to partake in the Christmas and New Year festivities.
During the plenary session, the Senate considered and debated the objectives and general principles of the fiscal document, which has been christened “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”
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The Senate Leader, Opeyemi Bamidele sponsored the Bill titled: A Bill for an Act to authorize 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).”
