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

The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives.

The letter sent to the Senate was read during Wednesday’s plenary by the Senate President, Godswill Akpabio.

Tinubu said 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 assured lawmakers that the budget would be finalised and passed before the end of February.

Details later...