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President Bola Tinubu has increased the proposed 2025 budget by about 9% to N54.2 trillion, citing additional revenues generated by key government agencies, including the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.
This development comes after Tinubu presented the initial 2025 Appropriation Bill to the National Assembly in December, estimating N49.7 trillion.
According to the President of the Senate, Godswill Akpabio, the FIRS made an additional N1.4 trillion, while the Nigeria Customs Service earned N1.2 trillion, and other government-owned agencies generated N1.8 trillion. These revenues have prompted the president to adjust the budget upward.
Akpabio has referred the president’s request to the Senate Committee on Appropriations for urgent consideration, ensuring the budget will be finalized and passed before the end of February. This move is expected to fast-track deliberations and ensure timely approval and implementation of the 2025 budget.
As Nigeria’s budget crosses the N50 trillion threshold for the first time, it’s likely to swell further as the National Assembly continues to deliberate on the bill.
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