Tinubu increases 2025 proposed budget from ₦49.7trn to ₦54.2trn
Nigerian President Asiwaju Bola Ahmed Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues from key government agencies.
The President made the budget adjustment known in separate letters sent to both the Senate and the House of Representatives.
The Senate President Godswill Akpabio read Tinubu’s letter during the Wednesday plenary, where it said the increase was driven 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.
Following the announcement, Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration while assuring the lawmakers that the budget would be finalised and passed before the end of February.
The Informant247 had, on Wednesday, December 18, 2024, presented the N47.9 trillion 2025 budget to the National Assembly.
The budget, christened ‘The Restoration Budget’, was presented to the joint session of the National Assembly held at the House of Representatives chamber.
It would be recalled that the two chambers of the National Senate had approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) with a total spending of N47.9 trillion and a new borrowing plan of N9.22 trillion, constituting domestic and foreign borrowings.
Tinubu, during the budget presentation, noted that the appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity, adding that the budget will seek to ensure macroeconomic stability, poverty reduction, promoting financial stability and developing human capital development.
He also said the budget is necessary to secure Nigeria’s ambition.
