President Bola Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, mentioning additional revenues generated by key government agencies.

Tinubu conveyed the budget adjustment in different letters sent to both the Senate and the House of Representatives, which were read during Wednesday’s plenary by the Senate President, Godswill Akpabio.

According to Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service and ₦1.8 trillion generated by other government-owned agencies.

Following the announcement, Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration.

He promised lawmakers that the budget would be finalised and passed before the end of February.

More soon ...