President Bola Tinubu has increased Nigeria’s 2025 budget proposal to ₦54.2 trillion, reflecting a ₦4.5 trillion increase from the previous estimate. This adjustment is a result of heightened revenue from various government agencies, including ₦1.4 trillion from the Federal Inland Revenue Service. The Nigerian Senate plans to review and pass the budget by the end of February, which is nearly double the proposed budget of 2024.
President Bola Tinubu has announced an increase in Nigeria’s 2025 budget proposal to ₦54.2 trillion, up from the earlier estimate of ₦49.7 trillion. This adjustment reflects an addition of ₦4.5 trillion, attributed to increased revenue generated by various government agencies. Tinubu communicated this adjustment through letters to both the Senate and House of Representatives, which were presented by Senate President Godswill Akpabio during a plenary session.
The budget increase is primarily supported by substantial revenue gains, including ₦1.4 trillion from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service, and ₦1.8 trillion from other government agencies. These figures suggest a strategic move by the government to bolster federal spending amid rising revenue streams, aiming for a more robust fiscal framework.
The Nigerian Senate has committed to reviewing the amended budget and aims to pass it by the end of February. With the current budget figure, Nigeria’s planned spending for 2025 is set to be nearly double the 2024 proposed budget of ₦27.5 trillion, reflecting an aggressive fiscal policy approach to support economic growth and development.
In the context of Nigerian fiscal policy, the national budget is a critical tool for government planning and economic management. The proposed budget for 2025 is significant as it not only marks an increase but also illustrates the government’s intent to optimize revenue through effective management of state-owned enterprises. By raising the budget proposal, the government signals its priorities in terms of spending, which can have widespread implications for various sectors of the economy.
In summary, President Tinubu’s decision to raise Nigeria’s 2025 budget proposal to ₦54.2 trillion from ₦49.7 trillion reflects an optimistic outlook based on increased revenue from government agencies. This decision underscores the government’s focus on enhanced spending as it prepares for a budget that is nearly double that of the previous year, indicating a strategic push to stimulate economic growth despite the historical challenges faced in fiscal management.
Original Source: saharareporters.com
