Tayo Busayo, Abuja
DAILY COURIER - In a significant fiscal adjustment, President Bola Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, attributing the rise to additional revenues generated by key government agencies.
The President communicated the budget adjustment in separate letters to the Senate and the House of Representatives, which were read during plenary sessions today by Senate President Godswill Akpabio.
The upward revision was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
President Tinubu emphasized that these funds will be channeled into critical sectors such as infrastructure, healthcare, education, and security to bolster economic growth and development. This move reflects the administration’s ongoing efforts to address Nigeria’s pressing economic challenges, including inflation, unemployment, and infrastructure deficits.
Following the announcement, Senate President Godswill Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration. Akpabio assured lawmakers that the budget would be finalized and passed before the end of February, emphasizing the need for swift action to ensure timely implementation.
He also highlighted the importance of transparency and accountability in the budgetary process, ensuring that the increased funds are utilized effectively to benefit all Nigerians.
The budget adjustment underscores the Tinubu administration’s commitment to leveraging increased revenues for national development. With the National Assembly expected to fast-track deliberations, the focus remains on targeted investments that could spur economic growth and job creation. As the country navigates its economic challenges, the swift passage and effective implementation of the 2025 budget will be critical to achieving these goals.
