The Business NG - February 14, 2025

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Today's Focus: Senate Approves Historic N54.9 Trillion Budget

The Nigerian Senate has approved the 2025 Appropriation Bill, setting a record with a N54.9 trillion budget—an increase of N7 trillion from President Bola Ahmed Tinubu’s initial proposal of N47.9 trillion. This landmark decision, reached during Thursday’s plenary session presided over by Senate President Godswill Akpabio, marks a significant shift in the country’s fiscal strategy.

The budget expansion reflects lawmakers’ adjustments to address key national priorities, with significant allocations to security, infrastructure, and social welfare. Additional funding has been earmarked for the military, police, and intelligence agencies in response to escalating security challenges. Infrastructure spending, particularly in roads, railways, and energy projects, has been scaled up to drive economic growth.

This approval signals the government’s commitment to tackling Nigeria’s pressing challenges. However, questions remain about funding sources and the potential impact on inflation and debt sustainability.