President Bola Tinubu has increased the anticipated 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing increased earnings from major government institutions.
The president communicated the budget adjustment in separate letters to both the Senate and the House of Representatives, which were read during Wednesday’s plenary by Senate President Godswill Akpabio.
Tinubu attributed the increase to ₦1.4 trillion in new revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion earned by other government-owned institutions.
Following the announcement, the Senate President referred the President’s request to the Senate Committee on Appropriations for urgent consideration.
He assured lawmakers that the budget would be finalised and passed before February ends.
Nigerians had raised concerns over Tinubu’s proposed 2025 budget of N47.9tn, expressing doubts about its feasibility and potential to address Nigeria’s economic challenges.
Tinubu presented the budget to a joint session of the National Assembly on Wednesday, emphasising its focus on economic recovery and development.
However, opposition parties have expressed a variety of concerns.
The Coalition of United Political Parties (CUPP), the Peoples Democratic Party (PDP), and the New Nigeria Peoples Party (NNPP) have criticised the proposed budget, saying it lacks the means to solve Nigeria’s economic problems.
The CUPP National Secretary, Peter Ahmeh, cited instances of budget duplication and mismanagement, stating that prior APC-led budgets had not resulted in substantial growth.
“Every year, the budget increases, but so does poverty. Resources are being mismanaged, roads are deteriorating, and government expenses are skyrocketing. Without proper reviews and effective implementation, this budget will yield little to no development,” Ahmeh stated.
