President Bola Tinubu has decided to increase the proposed budget for 2025 from ₦49.7 trillion to ₦54.2 trillion. This change is based on the extra money that the government has earned from its agencies.
The President shared this information through letters he sent to both the Senate and the House of Representatives. These letters were read out loud during a meeting (called a plenary) on Wednesday by the Senate President, Godswill Akpabio.
In his message, Tinubu explained that the increase in the budget is supported by an extra ₦1.4 trillion coming from the Federal Inland Revenue Service (the agency responsible for collecting taxes), ₦1.2 trillion from the Nigeria Customs Service (the agency that manages imports and exports), and another ₦1.8 trillion from various other government agencies.
After the President’s announcement, Akpabio moved the request to the Senate Committee on Appropriations, which is responsible for overseeing government spending, for them to look at it quickly.
He also promised that lawmakers would finalize and approve the budget before the end of February. More details about this situation will be provided later.
