President Bola Ahmed Tinubu has put forward a revised budget proposal for 2025, increasing the total from N49.7 trillion to N54.2 trillion. This update was conveyed in a letter to Senate President Senator Godswill Akpabio, which was read during the Senate session on Wednesday.
Originally presented to a joint session of the National Assembly on December 18, 2024, the budget adjustment comes as a result of enhanced revenue forecasts. In his correspondence, President Tinubu noted that the Federal Inland Revenue Service (FIRS) contributed an extra N1.4 trillion, while the Nigeria Customs Service added N1.2 trillion. Additionally, other Government-Owned Agencies generated an additional N1.8 trillion, prompting the budget increase.
After the President’s letter was read, Senator Akpabio directed the Committee on Appropriations to prioritize the review of this request. He assured that the budget would be thoroughly considered and passed by the end of February.
This proposed increase reflects the government’s initiative to allocate more resources to critical sectors and address ongoing economic challenges. As Nigeria strives to improve its fiscal position, these adjustments aim to enhance revenue collection and support sustainable development initiatives.
