President Bola Tinubu has increased the 2025 budget being considered by the National Assembly from ₦49.7 trillion to ₦54.2 trillion, an increase of N4.5 trillion.
The president explained that the increment, is anchored on the increased revenue to be generated by different government agencies.
Tinubu’s decision was conveyed in separate letters to the Senate and House of Representatives, which were read during Wednesday’s plenary by Senate President Godswill Akpabio and Speaker Tajudeen Abbas, respectively.
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He attributed the budget increase to extra revenue streams, including ₦1.4 trillion expected from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion from other government-owned agencies.
Following the announcement, Sen. Akpabio referred the president’s letter to the Senate Committee on Appropriations for consideration.
He assured senators that the revised budget will be finalised and passed before the end of February.