President Bola Tinubu has revised the proposed 2025 budget upwards, increasing it from N49.7 trillion to N54.2 trillion, Channels Television reports.
The adjustment comes on the back of additional revenue inflows from key government agencies, strengthening the government’s fiscal position.
In separate letters sent to both the Senate and the House of Representatives, President Tinubu detailed the rationale behind the budget increase.
The letters, read during plenary by Senate President Godswill Akpabio, outlined revenue surpluses from various government bodies as the primary drivers of the adjustment.
According to the President, the revenue boost includes:
N1.4 trillion from the Federal Inland Revenue Service (FIRS)
N1.2 trillion from the Nigeria Customs Service (NCS)
N1.8 trillion from other government-owned agencies
These additional funds have provided the government with the fiscal room to expand the budget and address critical national priorities.
Legislative Response and Next Steps
Following the announcement, the Senate President 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, aligning with the government’s commitment to timely fiscal planning.
With the National Assembly expected to fast-track deliberations, attention will now turn to key spending priorities and how the additional revenue will be allocated across sectors such as infrastructure, social services, and economic development.
Implications for the Economy
The revised budget signals a more robust fiscal framework, potentially strengthening investor confidence and ensuring continued economic stability.
Analysts suggest that the increased allocations could lead to improved service delivery and accelerated growth in critical sectors. However, careful implementation and oversight will be essential to ensure efficient utilization of the expanded budget.
More insights
President Tinubu assured Nigerians during the budget presentation of his commitment to reducing Nigeria’s inflation rate from 34.6% to 15% by the end of 2025.
Tinubu stated, “The 2025 budget projects that inflation will decline significantly from the current 34.6% to 15%,”.
Also, the president promised to stabilise the exchange rate to N N1,500/$1. Tinubu noted “Concurrently, the exchange rate will improve from approximately N1,700 per dollar to N1,500. These projections are critical for stabilizing the economy and ensuring sustainable growth.”
