Tinubu raises 2025 budget to N54.2 trillion

DDM News

President Bola Tinubu has increased the proposed 2025 budget from the N49.7 trillion initially presented to the National Assembly on December 18, 2024, to N54.2 trillion.

According to Diaspora digital media (DDM), the President communicated the revised budget estimate through separate letters addressed to both the Senate and the House of Representatives.

The Nigerian Constitution empowers the National Assembly, as the highest legislative body, to review the budget by either raising or reducing the financial estimates through due legislative processes.

However, this latest upward adjustment in the budget came directly from the President following additional revenue generation.

During the Senate plenary session on Wednesday, Senate President Godswill Akpabio read President Tinubu’s letter, which explained that the increase in the amount was due to additional revenues collected by key government agencies.

According to the letter, the Federal Inland Revenue Service (FIRS) generated an extra N1 trillion, the Nigeria Customs Service (NCS) contributed an additional N1.2 trillion, while various Government-Owned Enterprises (GOEs) raised N1.8 trillion.

These new revenue figures influenced the decision to expand the budgets size for the 2025 fiscal year.

With this increase, the budget now reflects an adjustment aimed at strengthening economic development, improving infrastructure, and sustaining government operations.

The President emphasized that the additional funds would be utilized to address critical national priorities, ensuring that key sectors receive adequate financial backing.

Following the announcement, Senate President Akpabio directed that the revised budget proposal be forwarded to the Senate Committee on Appropriations for immediate review.

He assured that the National Assembly would expedite the necessary legislative processes to approve it before the end of the month.

The budget review is expected to go through further deliberations to ensure alignment with national economic objectives.

The National Assembly’s role in the budgetary process remains vital, as lawmakers will scrutinize the proposed allocations to ensure fiscal responsibility.

Analysts believe that the increase in budget size may influence government spending, economic policies, and sectoral priorities in the coming year.

As deliberations continue, stakeholders in various sectors, including business, governance, and public service, are closely monitoring developments surrounding the budget approval process.

The increased financial allocation signals the administration’s commitment to funding critical projects and sustaining economic growth.

With the revised budget now before the lawmakers, discussions will focus on its implications for fiscal management and national development.

The Senate and the House of Representatives are expected to fast-track their review to meet the deadline for budget passage.

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