Tinubu Explains Need for 2025 Budget Hike
President Bola Tinubu has urged the Senate to raise the 2025 budget from N49.7 trillion to N54.2 trillion, a N4.5 trillion increase, citing improved revenue projections as the main reason.
Senate President Godswill Akpabio presented the request during Wednesday’s plenary, noting that the projected additional revenues include N1.4 trillion from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government agencies.
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The proposal has been forwarded to the Senate Committee on Finance and Appropriations for an urgent review, with Akpabio assuring that budget deliberations will be finalized by the end of February.
Recall that the National Assembly had initially set January 30, 2025, as the target date for approval. However, following the inability to conclude budget defense sessions, plenary resumption was postponed to February 4, 2025. The Chairman of the House Committee on Appropriations, Hon. Abubakar Bichi, acknowledged that the process is lengthy, involving budget defense, harmonization, and final report submission before final passage.
