Tinubu Raises Nigeria’s 2025 Budget Proposal to N54.2 trillion

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• As FG justifies budget increase

BY Bonny Amadi

 

Nigeria’s President Bola Tinubu has increased the 2025 Nigerian budget by over N4 trillion.

According to the President, he increased the budget, given the rise in the revenue generated by different government agencies.

By this effect, the budget was raised from the earlier proposed figure of N49.7 trillion to N54.2 trillion. This would mean extra additions of N4.5 trillion.

The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during Wednesday’s plenary by the Senate President, Godswill Akpabio.

According to Tinubu, the budget increase was emboldened by N1.4 trillion in additional revenue from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service and N1.8 trillion generated by other government owned agencies.

The Nigerian Senate promised to deliberate on the budget and pass it by end of February. With the new figure, Nigeria plans to spend about twice its 2024 budget estimates, having proposed N27.5 trillion in 2024.

Meanwhile, the federal Government has justified the 2025 budget increase, saying that it became expedient because of the new revenue streams that have been identified.

Atiku Bagudu, minister of budget and economic planning, provided details on the rationale for the upward review of the 2025 budget.

Bagudu spoke to journalists on Wednesday while seeing off President Bola Tinubu at the Nnamdi Azikiwe International Airport as he departed for France.

Earlier today, Tinubu asked the national assembly to increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion.

Speaking to journalists, Bagudu linked the increase to the collaborative efforts between the executive and legislative arms to enhance revenue generation for the “record-breaking” N49.7 trillion budget, dubbed the ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.

The minister said committees on appropriation, national planning, and finance worked closely with the executive to identify additional revenue streams.

“You will recall Mr. President submitted a N49 trillion budget to the national assembly, and legislative work commenced,” he said.

“In this process, it was established that institutions like the Federal Inland Revenue Service (FIRS), government-owned enterprises, and the Customs Service can generate over N4.5 trillion more than initially projected.”