President Bola Tinubu has requested the National Assembly to approve an upward adjustment of Nigeria’s 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenue inflows.
Tinubu’s request was contained in a letter separately addressed to the Senate and the House of Representatives.
The letter was read by Senate President Godswill Akpabio on the floor of the red chamber on Wednesday.
The President explained that the additional revenue would come from increased tax collections, higher import duties, and earnings from government-owned enterprises. Specifically, ₦1.4 trillion is expected from tax revenue, ₦1.2 trillion from customs duties, and ₦1.8 trillion from other government agencies.
Akpabio referred the request to the Senate
Committee on Appropriations for urgent action, assuring that the lawmakers would conclude the budget process before the end of February.
“The National Assembly will conclude and pass the 2025 budget before the end of February,” he said.
The lawmakers had earlier approved key economic parameters for the 2025-2027 fiscal framework. These include an oil benchmark of $75 per barrel, a projected exchange rate of ₦1,400 per dollar—subject to review in early 2025—and a GDP growth rate of 4.6 per cent for 2025.
The Appropriations Committee is expected to review the new budget figures and make necessary adjustments before presenting its report for legislative approval.
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