President Bola Tinubu has increased the proposed 2025 budget by N4.5 trillion, raising it from N49.7 trillion to N54.2 trillion. He attributed the adjustment to additional revenue generated by key government agencies.
In separate letters to the Senate and House of Representatives, read during Wednesday’s plenary session by Senate President Godswill Akpabio, Tinubu explained that the budget increase was driven by an extra N4.4 trillion in revenue.
“The increase in the budget proposal is driven by N1.4 trillion in additional revenue from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion generated by other government-owned agencies,” the President stated.
Following the announcement, Senate President Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent review and consideration.
“The President’s request has been referred to the Senate Committee on Appropriations for urgent consideration. We are committed to ensuring that the budget is finalized and passed before the end of February,” Akpabio assured lawmakers.
As the committee begins its review, stakeholders remain hopeful that the timely passage of the budget will boost economic growth and address key national priorities.
