President Bola Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion as a result of additional revenues generated by key government agencies.
The budget adjustments were contained in the letters addressed to the National Assembly and read by the Senate President Godswill Akpabio during plenary on Wednesday.
According to the President, the increase was inspired by ₦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.
Mr Akpabio referred Mr Tinubu’s request to the Senate Committee on Appropriations for urgent consideration after announcing the increase to lawmakers.
The Senate president said the budget proposal would be finalised and passed before the end of February.
In December last year, Mr Tinubu presented N47.90 trillion as the proposed 2025 Budget, an increase from the 2024 budget of N27.5 trillion presented in 2023.
The President stressed that the budget, titled, “Budget of Restoration, Security Peace, Rebuilding Prosperity,’’ was designed to ensure macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity.
