President Bola Tinubu has raised Nigeria’s proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion. This adjustment follows improved revenue projections from key government agencies, including the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other government-owned enterprises. The increase reflects the administration’s strategy to leverage additional funds for economic growth and public service improvements.
In a letter addressed to the National Assembly, Tinubu explained that the revised budget was necessary due to the additional revenue inflow. The letter was read by Senate President Godswill Akpabio during a plenary session, where it was referred to the Senate Committee on Appropriations for further deliberation. Akpabio assured that the revised budget would be reviewed and passed before the end of February to ensure timely implementation.
The revised budget is expected to strengthen key sectors such as infrastructure, security, healthcare, and education. With the increased revenue, the government aims to accelerate economic development and provide better services to Nigerians. Analysts believe this move could help bridge fiscal gaps and reduce the country’s reliance on borrowing.
Despite the budget increase, concerns remain about the government’s ability to efficiently utilize the funds. Economic experts have urged the administration to ensure transparency and accountability in budget implementation. They also emphasized the need for policies that promote sustainable revenue generation and economic diversification to reduce dependence on oil earnings.
As the National Assembly reviews the revised budget, Nigerians will be watching closely to see how the additional funds are allocated. The approval and subsequent implementation of the ₦54.2 trillion budget will be crucial in determining the economic direction of the country in 2025.
