President Bola Tinubu has asked the National Assembly to increase the proposed 2025 Budget from N49.7 trillion to N54.2 trillion.
The Constitution gives the National Assembly the power to either increase or reduce the financial estimates for the fiscal year through proper legislative procedures.
In two separate letters addressed to the Senate and the House of Representatives, President Tinubu asked that the proposed total budget size for the 2025 fiscal year be raised from the N49.7 trillion he presented to the joint session of the National Assembly on December 18, 2024, to N54.2 trillion.
In the letter read during the plenary session in the Senate on Wednesday by Senator Godswill Akpabio, the President stated that the increase was due to an additional N1 trillion in revenues generated by the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion collected by various other Government-Owned Agencies.
The President of the Senate subsequently directed that the request be sent to the Senate Committee on Appropriations for prompt consideration, declaring that the budget review would be concluded and passed before the end of the month.