President Bola Tinubu has escalated the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, attributing the increase to additional revenue streams from various government agencies.
In separate letters to the Senate and the House of Representatives, which were read during Wednesday’s plenary session by Senate President Godswill Akpabio, Tinubu detailed the sources of the additional funds. “The increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion generated by other government-owned agencies,” the President stated.
Following the announcement, Akpabio referred the matter to the Senate Committee on Appropriations for swift review. He emphasized the urgency of the task, ensuring the lawmakers that the budget would be finalized and passed before the end of February.
Details to follow.