President Bola Ahmed Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenue generated by key government agencies.
Naija News reports that the announcement was made through separate letters sent to both the Senate and the House of Representatives.
Reading the letter during plenary on Wednesday, Senate President Godswill Akpabio stated that the budget increase resulted from:
₦1.4 trillion additional revenue from the Federal Inland Revenue Service (FIRS),
₦1.2 trillion from the Nigeria Customs Service, and
₦1.8 trillion generated by other government-owned agencies.
Following the announcement, Akpabio directed the request to the Senate Committee on Appropriations for swift consideration, assuring that the budget would be finalized and passed before the end of the month.
The National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.
Recall that President Bola Tinubu submitted the budget proposal to the National Assembly on December 18, 2024.
The various Senate and House committees, while scrutinising the budget estimates, had complained about inadequate provisions for the various Ministries, Departments and Agencies (MDAs).
The Nigeria Constitution permits the National Assembly, the highest legislative body in the country, to either increase or reduce the financial estimates for the fiscal year through proper legislative procedures.