Seeking to capitalise on higher government earnings, President Bola Tinubu has revised the proposed 2025 budget, increasing it from ₦49.7 trillion to ₦54.2 trillion.
The adjustment, he explained, was made possible by increased revenue from key government agencies.
Tinubu presented the updated proposal to the National Assembly in Abuja on Wednesday, December 18, 2024.
In letters addressed to the Senate and House of Representatives, the President highlighted the revenue surge that enabled the budget expansion.
The Federal Inland Revenue Service (FIRS) contributed ₦1.4 trillion, the Nigeria Customs Service (NCS) generated ₦1.2 trillion, and other government agencies collectively added ₦1.8 trillion.
During today’s plenary, Senate President Godswill Akpabio read Tinubu’s proposal and referred it to the Senate Committee on Appropriations for urgent consideration.
He assured lawmakers that the budget would be finalised and passed before the end of February.
With this increase, the National Assembly is expected to fast-track deliberations, ensuring timely approval and implementation of the 2025 budget to drive national development.