President Bola Tinubu has raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing increased revenues from key government agencies.
The budget revisions were outlined in letters addressed to the National Assembly, which were presented by Senate President Godswill Akpabio during Wednesday’s plenary session.
According to the President, the increase is attributed to ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion generated by other government-owned agencies.
Following the announcement, Mr Akpabio referred Mr Tinubu’s request to the Senate Committee on Appropriations for prompt consideration.
The Senate President assured that the budget proposal would be finalised and passed before the end of February.
In December of last year, Mr Tinubu proposed a ₦47.90 trillion budget for 2025, an increase from the ₦27.5 trillion budget submitted in 2023 for 2024.
The President emphasised that the budget, titled “Budget of Restoration, Security, Peace, and Rebuilding Prosperity,” aims to ensure macroeconomic stability, reduce poverty, promote economic growth, and enhance human capital development while addressing insecurity.
