President Bola Tinubu has proposed an increase in Nigeria’s 2025 budget from the initially proposed ₦49.7 trillion to ₦54.2 trillion. This proposal was communicated to both chambers of the National Assembly through separate letters.
The President attributed this proposed increment to additional revenues generated by key government agencies. Specifically, the Federal Inland Revenue Service (FIRS) reported an extra ₦1.4 trillion, the Nigeria Customs Service contributed an additional ₦1.2 trillion, and other government-owned agencies collectively added ₦1.8 trillion to the national coffers.
In his letter, President Tinubu emphasized the importance of allocating these additional funds to critical sectors to bolster economic growth and development. He proposed significant investments in the solid minerals sector, the recapitalization of the Bank of Agriculture and the Bank of Industry, and the enhancement of critical infrastructure projects.
The President’s proposal has been referred to the Senate Committee on Appropriations for thorough consideration. Senate President Godswill Akpabio has assured that the budget review process will be expedited, with a target to pass the appropriation bill before the end of February.
This proposed budget increase underscores the administration’s commitment to leveraging additional revenues for strategic investments aimed at diversifying the economy and improving the nation’s infrastructure.
