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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, which were read during plenary today by the Senate President, Godswill Akpabio.
According to President Tinubu, the increase was driven by ?1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ?1.2 trillion from the Nigeria Customs Service (NCS), and ?1.8 trillion generated by other government-owned agencies.
Following the announcement, the Senate President has 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.
With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget. (Channels TV)
•President Bola Tinubu presents the 2025 budget proposal to members of the National Assembly on Wednesday, December 18, 2024 in Abuja. Photo credit: Presidency
