President Bola Ahmed Tinubu has increased the proposed total budget size for 2025 from N49.7trillion earlier presented to the joint session of the National Assembly on December 18, 2024 to N54.2trillion.
President Tinubu announced an increase in the proposed budget size through separate letters forwarded to both the Senate and the House of Representatives.
The president, in the letter read Wednesday during plenary in the Senate by Senate President Godswill Akpabio, said the increase arose from N1.4 trillion additional revenues made by the Federal Inland Revenue Service (FIRS), N1.2 trillion made by the Nigeria Customs Service, and N1.8trilliion generated by some other Government Owned Agencies.
Following this, Senate President Akpabio directed the request to the Senate Committee on Appropriations for expeditious consideration and declared that the budget consideration , would be concluded and passed before the end of this month.
In the letter, President Tinubu said: “I am writing to inform you of the availability of additional revenue amounting to N4, 530,479,970,637 and to propose its allocation within the 2025 Appropriation Bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations.
“This additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda: Government-Owned Enterprises (GOES): N1, 823,879,970,637.
“Federal Inland Revenue Service (FIRS): N1, 497, 600,000,000. Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N25.1 trillion. Nigerian Customs Service (NCS): N1, 209,000,000,000