By Abba -Eku Onyeka , Abuja
President Bola Tinubu has announced a significant increase in the proposed 2025 budget, from N49.7 trillion to N54.2 trillion.
This development comes after key government agencies reported substantial revenue gains.
The President presented the initial budget proposal of N49.7 trillion to the joint session of the National Assembly on December 18, 2024.
However, in separate letters to the Senate and the House of Representatives, Tinubu communicated the adjustment, which was read during Wednesday’s plenary by Senate President Godswill Akpabio.
According to the President, the increase arose from additional revenues generated by key government agencies, including: N1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS); N1.2 trillion from the Nigeria Customs Service and; N1.8 trillion generated by other government-owned agencies.
The President of the Senate, Godswill Akpabio, has referred the request to the Senate Committee on Appropriations for expeditious consideration. Akpabio assured lawmakers that the budget consideration would be concluded and passed before the end of February.
This development is seen as a positive step towards addressing the country’s economic challenges.
The increased budget is expected to facilitate the implementation of the government’s development projects and programs.
