President Bola Tinubu has formally requested the National Assembly to raise the proposed 2025 budget from N49.7 trillion to N54.2 trillion, citing increased revenue projections.
In accordance with the Constitution, the National Assembly holds the authority to adjust financial estimates for the fiscal year through established legislative procedures.
In two separate letters addressed to the Senate and the House of Representatives, President Tinubu urged lawmakers to approve the additional budgetary allocation. The initial N49.7 trillion budget was presented to the joint session of the National Assembly on December 18, 2024. However, Tinubu stated that higher revenue generation warranted an upward revision.
“The increase is due to an additional N1 trillion in revenues generated by the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion collected by various other Government-Owned Agencies,” the President explained.
The letter was read during Wednesday’s Senate plenary by Senate President Godswill Akpabio. Following the reading, Akpabio directed that the request be referred to the Senate Committee on Appropriations for immediate consideration.
“This budget review will be expedited, and we are committed to ensuring its passage before the end of the month,” Akpabio assured.
