Nigeria’s President Bola Ahmed Tinubu has increased Nigeria’s proposed 2025 budget from ₦49.7 trillion, as initially presented to the National Assembly (NASS) on December 18, 2024, to ₦54.2 trillion.
In a letter addressed separately to both the Senate and the House of Representatives, President Tinubu cited additional revenue inflows as the reason for the budget adjustment.
The breakdown of revenue increases includes ₦1.4 trillion from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion from other Government-Owned Enterprises (GOEs).
The President of the Senate, Godswill Akpabio, while reading Tinubu’s letter during plenary, referred the budget increase to the Senate Committee on Appropriations for urgent action.
He assured that the budget process would be expedited, emphasising that the National Assembly would finalise and pass the 2025 budget before the end of February.
The Appropriations Committee is expected to review the new budget figures, adjust allocations accordingly, and submit its report for legislative approval within the coming weeks.
Echoing the National Assembly’s stance, the Minister of Budget and National Planning, Atiku Bagudu, recalled how the President initially submitted a ₦49 trillion budget to the National Assembly, prompting legislative scrutiny.
He explained that legislative discussions continued through engagements between the executive, the National Assembly, and the economic management team, which thoroughly analysed all financial projections.
According to Bagudu, while the process was ongoing, the Senate Committees on Appropriation, National Planning, and Finance determined that Nigeria could generate more revenue by encouraging all institutions to enhance their revenue collection efforts. The Federal Inland Revenue Service confirmed its capacity to exceed the initial revenue estimates.
He also noted that government-owned enterprises, as well as the Nigeria Customs Service, could contribute more revenue.
Bagudu stated that the additional revenue, amounting to over ₦4.5 trillion, was presented to the President, who directed that these funds be utilised to strengthen the Bank of Agriculture and the Bank of Industry, support economic diversification through increased investment in the solid minerals sector, and finance infrastructure projects.
