The Bureau Newspapers’ review of the full document of the 2025 budget proposal presented by President Bola Tinubu on Wednesday before the joint National Assembly – the Senate and the House of Representatives, has revealed over N1.5 trillion difference between the figures quoted by the President and the actual figure on the proposed budget document.
President Tinubu told the National Assembly that his 2025 fiscal appropriation bill (proposed budget) is N47.90 trillion, the figure on the proposed budget document uploaded by the Budget Office of the Federation on its website on Wednesday, December 18, 2024, shows that Tinubu’s 2025 budget proposal is N49.7 trillion.
In his budget presentation speech, President Tinubu said, “Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion Naira for debt servicing.”
In paragraph two, the President said, “In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget” and in paragraph four, he said, “A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.”
Meanwhile, details of the proposed budget as contained in the document of the Budget Office of the Federation stated, “A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of =N=49,740,165,355,396 (Forty Nine Trillion, Seven Hundred and Forty Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only,
“Of which =N=4,435,761,358,925 (Four Trillion, Four Hundred and Thirty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers,
“=N=16,327,142,689,549 (Sixteen Trillion, Three Hundred and Twenty-Seven Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Nine Naira) only is for Debt Service,
“=N=14,123,544,196,406 (Fourteen Trillion, One Hundred and Twenty-Three Billion, Five Hundred and Forty-Four Million, One Hundred and Ninety-Six Thousand, Four Hundred and Six Naira) only is for Recurrent (Non-Debt) Expenditure
“While the sum of =N=14,853,717,110,517 (Fourteen Trillion, Eight Hundred and Fifty-Three Billion, Seven Hundred and Seventeen Million, One Hundred and Ten Thousand, Five Hundred and Seventeen Naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2025.”
The proposed budget document further stated, “Note: Statutory Transfers include =N=3,005,244,648,029 of capital expenditure which added to the =N=14,853,717,110,517 will give the aggregate capital expenditure of =N=17,858,961,758, 546.”
The document also amongst other things stated, “BE IT ENACTED by the National Assembly of the Federal Republic of Nigeria as follows: – (i) The Accountant-General of the Federation shall, when authorised to do so by Warrants signed by the Minister charged with responsibility for finance, pay out of the Consolidated Revenue Fund of the Federation during the year ending on the 31st day of December 2025, the sums specified by the warrants, not exceeding in the aggregate =N=49,740,165,355,396 (Forty Nine Trillion, Seven Hundred and Forty Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira)only, for the year ending on the 31st day of December, 2025.
“Issue and appropriation of =N=49,740,165,355,39 6 from the Consolidated Revenue Fund for 2025.
“The amount mentioned in subsection (1) of this section shall be appropriated to heads of expenditure as indicated in the Schedule to this Bill.
“No part of the amount aforesaid shall be released from the Consolidated Revenue Fund of the Federation after the end of the year mentioned in subsection (1) of this section.”