PRESIDENT Bola Ahmed Tinubu has asked the National Assembly (NASS) to increase the proposed 2025 budget to N54.2 trillion from ₦49.7 trillion.
According to a letter read by Senate President Godswill Akpabio on the floor of the Senate on Wednesday, the President is seeking an upward review of the budget due to extra revenues produced by significant government agencies.
President Tinubu stated that the rise in revenue can be attributed to:
- N1.4 trillion collected by the Federal Inland Revenue Service (FIRS)
- N1.2 trillion from the Nigeria Customs Service (NCS).
- N1.8 trillion generated by various other government-owned agencies.
The President communicated the budget revisions through distinct letters sent to both the Senate and the House of Representatives. These letters were presented during Wednesday’s plenary session by the Senate President, Godswill Akpabio.
- 2022 budget = N17.127 trillion ($38.1 billion)
- 2023 budget = N21.83 trillion ($47.39 billion)
- 2024 budget = N28.7 trillion ($36.7 billion)
- 2025 budget = N54.2 trillion ($36.21 billion).
Noteworthy:
- 2022: calculated based on N450/USD
- 2023: calculated based on N460/USD
- 2024: calculated based on N780/USD
- 2025: calculated based on N1500/USD
The President’s request has been referred to the Senate Committee on Appropriations for prompt consideration. Senate President Akpabio assured that the budget review process would be concluded and passed before the end of the month.
Eighteen-Eleven Media