President Bola Tinubu has announced an increase in the proposed 2025 budget, raising it from N49.7 trillion to N54.2 trillion. The adjustment, attributed to higher revenue projections from key government agencies, was communicated to the National Assembly in separate letters addressed to the Senate and the House of Representatives. The letters were read during Wednesday’s plenary session by Senate President Godswill Akpabio, sparking discussions among lawmakers and stakeholders.
In his correspondence, President Tinubu explained that the N4.5 trillion increase was driven by additional revenues generated by several government institutions. The Federal Inland Revenue Service (FIRS) contributed N1.4 trillion, while the Nigeria Customs Service (NCS) added N1.2 trillion. Other government-owned agencies collectively accounted for N1.8 trillion, bolstering the overall revenue projections. This upward revision reflects the administration’s confidence in the capacity of these agencies to meet and exceed their revenue targets, which will be critical for funding the expanded budget.
The announcement comes as the National Assembly works to finalize the 2025 budget. Senate President Godswill Akpabio referred the revised budget proposal to the Senate Committee on Appropriations for urgent review. He assured lawmakers and the public that the budget would be passed before the end of February, emphasizing the importance of timely approval to ensure effective implementation of government programs and projects.
The increased budget is expected to address critical sectors such as infrastructure, healthcare, education, and security, aligning with the administration’s broader economic agenda. However, the revision has also raised questions about fiscal discipline and the need for transparency in revenue generation and expenditure. Critics have called for detailed breakdowns of how the additional funds will be allocated and monitored to ensure accountability.
As the Senate Committee on Appropriations begins its review, stakeholders are closely watching how the revised budget will impact Nigeria’s economic trajectory. The increase reflects the government’s efforts to harness revenue from key agencies to drive development, but its success will depend on efficient implementation and prudent management of resources. With the February deadline looming, all eyes are on the National Assembly to deliver a budget that meets the nation’s needs while maintaining fiscal responsibility.
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