Various stakeholders in Nigeria’s economy have expressed differing opinions regarding the Federal Government’s decision to raise the 2025 Appropriation Bill from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies as the reason for the increase.
On Wednesday, the Senate received letters from President Bola Tinubu outlining the proposed budget adjustments, which were read during the plenary session.
The President communicated these changes through separate letters addressed to both the Senate and the House of Representatives. Senate President Godswill Akpabio read the correspondence during Wednesday’s session.
Tinubu had initially submitted a N49.7 trillion budget proposal, titled ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to the National Assembly in November.
The Federal Government anticipates generating a total revenue of N36.35 trillion in 2025, with a strong emphasis on boosting non-oil revenue. This projection is driven by increased tax collections, customs duties, and independent earnings from government-owned enterprises, alongside oil revenue estimates based on a crude oil benchmark price of $75 per barrel, a daily production target of 2.06 million barrels, and an exchange rate of N1,500 per USD.
The overall expenditure for 2025 is set at N49.7 trillion, with substantial allocations to key sectors while maintaining a fiscal deficit of N13.39 trillion, representing 3.96% of GDP. To bridge this deficit, the government plans to rely on domestic and external borrowings, as well as innovative financing strategies through public-private partnerships.
Tinubu explained that the increase was prompted by an additional N1.4 trillion from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion generated by various other government agencies. After the letter was read, Senate President Godswill Akpabio directed the President’s request to the Senate Committee on Appropriations for prompt review.
He also guaranteed the legislators that the budget would be completed and approved by the end of February.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
