President Tinubu Submits Budget Adjustment to National Assembly

President Bola Tinubu has transmitted a budget adjustment to the National Assembly, seeking to increase the 2025 budget by a significant amount. The President’s request was conveyed in separate letters sent to the Senate and the House of Representatives, which were read during plenary today by Senate President Godswill Akpabio.

Additional Revenue Drives Budget Increase

According to President Tinubu, the increase is driven by additional revenue of ₦1.4 trillion 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. This significant influx of revenue has provided the government with an opportunity to increase funding for critical sectors and projects.

Senate Refers Request to Committee on Appropriations

Following the announcement, Senate President Godswill Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration. The Committee is expected to review the budget adjustment and provide a report to the Senate for consideration.

Assurance of Timely Passage

Senate President Akpabio assured lawmakers that the budget would be finalized and passed before the end of February. This assurance is expected to provide a sense of relief to Nigerians who are eagerly awaiting the implementation of the 2025 budget.

National Assembly to Fast-Track Deliberations

With this development, the National Assembly is expected to fast-track deliberations on the budget adjustment to ensure timely approval and implementation of the 2025 budget. The budget, dubbed the “Budget of Restoration,” stands at approximately N49.74 trillion, marking a 41.9% increase from the previous year.

Priority Sectors

The proposed budget prioritizes key sectors such as infrastructure, healthcare, education, and security. The allocations include N4.91 trillion for Defence and Security, N4.06 trillion for Infrastructure, N2.48 trillion for Health, and N3.52 trillion for Education.

Conclusion

The submission of the budget adjustment by President Tinubu is a significant development in the budgeting process. The National Assembly’s prompt consideration of the request is expected to ensure the timely passage of the 2025 budget, which will enable the government to implement its development programs and projects.