President Bola Tinubu has revised Nigeria’s proposed 2025 budget, increasing it from ₦49.7 trillion to ₦54.2 trillion, attributing the adjustment to improved revenue projections from key government agencies.
In separate letters addressed to the Senate and the House of Representatives, Tinubu informed the lawmakers of the budget adjustment, which was read during Wednesday’s plenary by Senate President Godswill Akpabio.
The President explained that the increase was driven by additional revenues of ₦1.4 trillion from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion generated by other government-owned agencies.
Following the letter’s reading, Akpabio referred the proposal to the Senate Committee on Appropriations for immediate consideration.
He assured the Senate that the budget would be finalized and passed before the end of February 2025.
It is worth noting that the initial 2025 budget of ₦47.9 trillion, christened ‘The Restoration Budget’, was presented to the National Assembly on December 18, 2024.
The budget presentation took place at the House of Representatives chamber before a joint session of both legislative houses.
Earlier, the Senate and House of Representatives had approved the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper which projected total spending of ₦47.9 trillion and included a borrowing plan of ₦9.22 trillion, comprising domestic and foreign borrowings.
During the budget presentation, Tinubu highlighted the primary goals of the appropriation, stating that it was designed to spur economic growth, promote human capital development, reduce poverty, and tackle insecurity.
He further emphasized that the budget was aimed at maintaining macroeconomic stability, strengthening financial systems, and securing Nigeria’s developmental ambitions.
“This budget is essential for driving Nigeria’s ambition forward,” Tinubu stressed, urging lawmakers to give it expedited consideration.
