President Bola Ahmed Tinubu has revised the proposed 2025 budget upward, seeking ₦54.2 trillion instead of the initial ₦49.7 trillion presented to the National Assembly in December. This significant increase, detailed in separate letters to the Senate and House of Representatives, is attributed to unexpected surges in government revenue streams.
“The revised budget reflects a more optimistic economic outlook, driven by increased revenue projections,” the President’s letter stated. Notably, the Federal Inland Revenue Service (FIRS) anticipates an additional ₦1.4 trillion in revenue, while the Nigeria Customs Service (NCS) expects to contribute ₦1.2 trillion more. Government-Owned Enterprises (GOEs) will also contribute an extra ₦1.8 trillion to the national coffers, according to revised projections.
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The Senate swiftly referred these revised figures to the Senate Committee on Appropriations for immediate review. Senate President Godswill Akpabio assured the chamber that lawmakers will expedite the budget process, aiming to pass it finally before the end of February.
“The nation’s economic recovery hinges on timely budget implementation,” Akpabio emphasized.
The Appropriations Committee now faces the crucial task of scrutinizing the revised figures, adjusting allocations across various sectors, and presenting its recommendations to both chambers for legislative approval. This process will undoubtedly involve extensive deliberations and public hearings to ensure the budget effectively addresses the nation’s pressing economic challenges.
