The Senate President, Senator Godswill Akpabio has disclosed that the lifespan of the 2024 budget will be extended to June 25, 2025.
He stated this in his opening remark during the presentation of the 2025 Appropriation Bill of
N47.9 trillion 2025 by President Bola Ahmed Tinubu to the joint sitting of the National Assembly on Wednesday.
According to him, the 2024 budget performance was 50% for Capital Expenditure and 48% for Recurrent.
Meanwhile, In the latest budget , the sum of N15.81 trillion has been allocated for debt servicing.
Defence and Security tops the sectoral allocations in the N47.9 trillion budget presented by the President on Wednesday.
The President disclosed this while giving a highlight of the Budget proposal before the National Assembly.
He stated that Defence/Security was allocated N4.91 trillion; Infrastructure was allocated N4.06 trillion; Health N2.4 trillion health while Education gets N3.5 trillion.
According to the President, the budget proposal has a N34.8trn revenue projection adding that out of the proposed N47.90 trillion, N15.81 trillion is for debt service with a N13.0 trillion deficit.
He further noted that, Inflation was projected to go down from 34.3% to 15% while Exchange Rate was brought down from 1700/$ to N1400/$.
