President Bola Tinubu has raised the proposed 2025 budget from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies.
The President had on Wednesday, December 18, 2024 presented the 2025 budget estimates to the joint sessions of the National Assembly in Abuja.
In separate letters addressed to the President of the Senate, Senator Godswill Akpabio and the Speaker, House of Representatives, Rt. Hon. Tajudeen Abbas, President Tinubu conveyed the budget adjustment to the National Assembly, which were read to its members during plenary on Wednesday by the presiding officers.
According to President Tinubu in the letter, the increase was driven by N1.4 trillion in additional revenue from the Federal Inland Revenue Service, FIRS; N1.2 trillion from the Nigeria Customs Service, NCS, and N1.8 trillion generated by other government-owned agencies.
Following the announcement, the Senate President has referred the President’s request to the Senate Committees on Appropriations, and Finance for urgent consideration.
The Senate President consequently directed the request to the Senate Committees on Appropriations and Finance for expeditious consideration and declared that the budget consideration, would be concluded and passed before the end of this month.
Akpabio commended Tinubu for seeking the approval of the National Assembly in the budget adjustment, saying that his transparency is uncommon.
He said: “We need to commend Mr. President for his respect for the National Assembly. His transparency is uncommon, because this adjustment should have ordinarily passed through the appropriate committee without writing to us.”
President Tinubu christened the 2025 estimates “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
Earlier, 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.
While presenting the budget details, Tinubu said the 2025 appropriation was designed to ensure macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity.
He noted that the budget specifically aimed to restore the government’s policy of restructuring the nation’s economy, boosting human capital development, and increasing trade activities, including the nation’s oil and gas sector