In a significant development, President Bola Tinubu has increased Nigeria’s proposed 2025 budget from the previously presented N49.7 trillion to a revised N54.2 trillion, a quantum 9.05% increase.
The adjustment was communicated to the National Assembly in a letter addressed to the Senate, which was read out during Wednesday’s plenary by Senate President Godswill Akpabio. In his letter, President Tinubu cited the additional revenues generated by key government agencies as the primary reason for the budget increase.
Notably, the Federal Inland Revenue Service (FIRS) contributed N1.4 trillion, the Nigeria Customs Service brought in N1.2 trillion, and other government-owned agencies accounted for N1.8 trillion, collectively boosting the government’s fiscal position.
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In response to the update, Senate President Akpabio immediately referred the request for consideration to the Senate Committee on Appropriations. He further assured the public that the budget would undergo a swift review and be passed before the end of February.
This adjustment underscores the government’s ongoing efforts to optimize its revenue base and facilitate critical economic projects for the year ahead.
