President Bola Tinubu has raised the proposed 2025 budget by about nine per cent from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies.
The President conveyed the budget adjustment in separate letters to the Senate and the House of Representatives, which were read during Wednesday’s plenary by the Senate President, Mr Godswill Akpabio.
According to Mr Tinubu, the increase was driven by the N1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), the N1.2 trillion earnings from the Nigeria Customs Service (NCS), and the N1.8 trillion generated by other government-owned agencies.
Following the announcement, the Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration, assuring lawmakers that the budget will be finalised and passed before the end of February.
With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.
President Tinubu presented the 2025 budget proposal to members of the National Assembly on Wednesday, December 18, 2024, in Abuja.
With this fresh addition, Nigeria’s budget has now crossed the N50 trillion threshold, making it the largest ever, and will likely swell further with National Assembly still deliberating on the bill.