February 5, 2025 — President Bola Ahmed Tinubu has announced a significant revision to the proposed 2025 Appropriation Bill, raising it from N49.7 trillion to N54.2 trillion. This adjustment was communicated in a letter addressed to Senate President Senator Godswill Akpabio, which was presented during the Senate plenary on Wednesday.
The original budget proposal, first submitted to a joint session of the National Assembly on December 18, 2024, has been amended due to increased revenue projections. In his letter, President Tinubu highlighted that the Federal Inland Revenue Service (FIRS) contributed an additional N1.4 trillion, while the Nigeria Customs Service generated N1.2 trillion. Furthermore, various Government-Owned Agencies added another N1.8 trillion, leading to this upward revision.
Following the reading of the President’s letter, Senator Akpabio directed the Committee on Appropriations to expedite the review process. He assured that the budget consideration would be finalized and passed by the end of February.
The proposed budget increase reflects the government’s efforts to enhance funding in key sectors and address pressing economic challenges. As Nigeria navigates its fiscal landscape, the adjustments aim to bolster revenue generation and ensure sustainable development across the nation.
This development underscores President Tinubu’s commitment to fiscal responsibility and economic growth as the administration looks to implement effective policies for the betterment of Nigerians.
