In December 2024, President Tinubu presented a N49.7 trillion budget proposal to a joint session of the National Assembly.

However, on February 5, he notified the lawmakers of an additional N4.5 trillion to the budget figure, raising it to N54.9 trillion.

Out of the figure, N3, 645, 761, 358, 925 trillion is for statutory transfers; N14, 317, 142, 689, 548 trillion is for debt servicing; N13, 064, 009, 682, 673 trillion is for recurrent non-debt expenditure, while N23, 963, 251, 624, 250 trillion is for capital expenditure.
The National Assembly had equally set January 30, 2025, as the target date for the budget approval. But following the inability to conclude budget defence sessions, plenary resumption was postponed to February 4, 2025. The Chairman of the House Committee on Appropriations, Abubakar Bichi, acknowledged that the process was lengthy, involving budget defence, harmonisation and final report submission before final passage.

Surprisingly, on resumption after Christmas break, the President sent two separate letters to the two chambers of the National Assembly, where he proposed to raise the earlier budget from N49.7 trillion to N54.9 trillion, citing additional revenues generated by key government agencies as the rationale behind his action.

He was said to have conveyed the budget adjustment in separate letters to both the Senate and House of Representatives. The letter was read during plenary on the same day by the Senate President, Godswill Akpabio.

Tinubu said the increase was driven by N1.4 trillion in additional revenue from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service and N1.8 trillion generated by other government-owned agencies.


https://dailypost.ng/2025/02/17/mixed-reactions-trail-tinubus-n54-9-trillion-2025-budget/