President Bola Tinubu has increased the proposed 2025 budget from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies in the fiscal year 2024 as the reason for the upward adjustment of the budgetary proposals.
The President conveyed the revised Appropriation Bill proposal in separate letters addressed both the Senate and the House of Representatives, which were read during plenary on Wednesday by the Senate President, Godswill Akpabio.
According to the President, the increase was informed by N1.4 trillion additional revenue generated by the Federal Inland Revenue Service (FIRS), N1.2 trillion by the Nigeria Customs Service (NCS), and N1.8 trillion generated by other government-owned agencies.
The Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration, assuring that revised 2025 Appropriation Bill will be passed before the end of February.
Meanwhile, a statement from the Presidency indicated that Tinubu was heading to France for a private visit.
According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the President will depart France to Addis Ababa for the forthcoming African Union Summit.
He stated: “In Addis Ababa, President Tinubu will join African leaders at the 46th Ordinary Session of the Executive Council and the 38th Ordinary Session of the Assembly of the AU Heads of State, scheduled from February 12th to 16th, 2025.
“The president will arrive in Addis Ababa early next week for the African Union summit. While in France, President Tinubu will meet with his French counterpart, President Emmanuel Macron,” Onanuga added.
