Politics Hits: 449

President Tinubu requests National Assembly to increase 2025 Budget from N49trn to N54trn

Politics Hits: 449
President Tinubu requests National Assembly to increase 2025 Budget from N49trn to N54trn
Politics Hits: 449

 

President Bola Tinubu has asked the national assembly to increase the proposed 2025 budget to N54.2 trillion.

Tinubu had asked the national assembly to approve N49.7 trillion for the fiscal year initially when he appeared before the lawmakers to present the proposal in December 2024. The budget will now see an increase by N4.5 trillion.

The president’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the red chamber on Wednesday.

 
Tinubu premised the increase on additional revenues made by certain revenue agencies, which included the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service. Akpabio announced specifically that the FIRS made additional N1.4trilliion.
Last year, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) – parameters on which budgets are framed.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

It maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.

The President of the Senate consequently directed the request to the Senate Committee on Appropriations for expeditious consideration and further promised that the budget consideration would be concluded and passed before the end of this month.
Ayobami Adedeji
Ayobami Adedeji

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