President Bola Tinubu has submitted a proposal to increase the 2025 budget by N4.5 trillion, raising it from N49.7 trillion to N54.2 trillion.
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The increase is attributed to higher-than-expected revenues generated by key government agencies, including N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government-owned agencies.
The request was presented to the Senate in a letter, which was read by Senate President Godswill Akpabio during Wednesday’s plenary session.
Akpabio subsequently referred the request to the Senate Committee on Finance and Appropriations for a prompt review. The aim is to have the budget finalized and passed by the end of February.
