President Bola Tinubu has revised the projected 2025 national budget, elevating it from ₦49.7 trillion to an expanded ₦54.2 trillion. The decision, he explained, stems from an upsurge in financial inflows from critical government revenue-generating institutions.
In official correspondences dispatched separately to the Senate and House of Representatives, President Tinubu detailed the rationale behind the fiscal augmentation. The letters, publicly disclosed during plenary by Senate President Godswill Akpabio, outlined the sources of the additional funds: ₦1.4 trillion accrued from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion mobilized by the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by various other government-owned enterprises.
Following the submission, the Senate President referred the President’s request to the Senate Committee on Appropriations for immediate scrutiny. Akpabio assured legislators that all necessary legislative processes would be expedited to ensure the budget is finalized and enacted before the close of February.
With this fiscal expansion, the National Assembly is now expected to accelerate deliberations, facilitating a smooth legislative passage to guarantee the prompt execution of the 2025 budgetary agenda.
