President Bola Tinubu has revised the proposed 2025 budget upward by N4.5 trillion from N49.7 trillion to N54.2 trillion, attributing the adjustment to increased revenue generated by key government agencies.
The President communicated this change in separate letters addressed to the Senate and the House of Representatives, which were read during Wednesday’s plenary session by Senate President Godswill Akpabio.
In the letters, Tinubu explained that the budget increase was made possible by additional revenues totaling N4.4 trillion. This includes B1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion from other government-owned agencies.
“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. He assured lawmakers that the budget would be finalized and passed before the end of February.
“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 said.
As the Senate Committee on Appropriations begins its review, stakeholders are optimistic that the timely passage of the budget will bolster economic growth and address pressing national needs.