President Bola Tinubu has asked the National Assembly to increase the proposed 2025 Budget from N49.7 trillion to N54.2 trillion.
The Constitution permits the National Assembly, the highest legislative body in the country, to either increase or reduce the financial estimates for the fiscal year through proper legislative procedures.
However, President Tinubu has raised the proposed total budget size for 2025 fiscal year from the N49.7 trillion he presented to the joint session of the National Assembly on December 18, 2024 to N54.2 trillion.
The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary today by the Senate President, Godswill Akpabio.
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In the letter read during the plenary session in the Senate on Wednesday, the President stated that the increase was due to an additional ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
Following the announcement, the Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration.
He assured lawmakers that the budget would be finalised and passed before the end of February.
With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.