President Bola Tinubu has announced a significant increase in the proposed 2025 budget, from N49.7 trillion to N54.2 trillion.
This development was announced after key government agencies reported substantial revenue gains.
The President presented an initial budget proposal of N49.7 trillion to a joint-session of the National Assembly on December 18, 2024.
However, in separate letters to the Senate and the House of Representatives, President Tinubu informed them of the adjustment, which was read during Wednesday’s plenary by the Senate President Godswill Akpabio.
According to Tinubu, “the increase arose due to 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”.
Sen. Akpabio, after the announcement, referred the request to the Senate Committee on Appropriation for expeditious consideration.
He also announced 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, although the trajectory of growth in the economy and improved living of the citizenry remains very bleak.
The increased budget is expected to facilitate the implementation of the government’s development projects and programs, but how it will impact on the rising poverty level is yet unknown.
