President Tinubu Proposes N4.5 Trillion Budget Increase, Raising 2025 Total to N54.2 Trillion

President Bola Tinubu has proposed a N4.5 trillion increase to the 2025 national budget, raising it from N49.7 trillion to N54.2 trillion. The proposal was conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary session, highlighting the administration’s commitment to addressing critical national needs through expanded fiscal allocations.

In the letter, Tinubu explained that the additional funds—sourced from the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and other revenue agencies—present an opportunity to strengthen Nigeria’s development agenda. “I am writing to inform you of the availability of additional revenue amounting to N4.5 trillion and to propose its allocation within the 2025 appropriation bill to enhance the budget’s responsiveness to the nation’s most pressing priorities,” he stated.

The proposed increase follows the initial N47.9 trillion budget, dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” which was presented to the National Assembly in December 2024. That budget prioritized macroeconomic stability, poverty reduction, economic growth, human capital development, and security. The government aims to strengthen these focus areas further with additional revenue.

The National Assembly has already concluded budget defense sessions for Ministries, Departments, and Agencies (MDAs), during which concerns were raised over financial mismanagement and excessive spending. Senate President Akpabio assured lawmakers that the budget increase would be reflected in the final 2025 appropriation bill, which is expected to be passed by the end of February.

The revised budget strongly emphasizes defense and security, infrastructure, education, health, and agriculture. The initial allocations included:

• N4.91 trillion for defense and security
• N4.06 trillion for infrastructure
• N3.52 trillion for education
• N2.48 trillion for health

The additional N4.5 trillion is expected to bolster these sectors in line with the government’s Renewed Hope Agenda.

Economic analysts note that the budget expansion aligns with Tinubu’s growth-driven strategy amid global uncertainties. The 2025 budget projects N34.82 trillion in revenue, with total expenditures now at N54.2 trillion, leaving a deficit of N13.08 trillion. The government plans to bridge this gap through public-private partnerships and targeted investments.

Additionally, Tinubu’s administration has set ambitious economic targets for 2025, including:

• Reducing inflation from 34.6% to 15%
• Stabilizing the exchange rate at N1,500 per US dollar
• Achieving a crude oil production target of 2.06 million barrels per day
• Maintaining a global oil price benchmark of $75 per barrel

As the National Assembly reviews the revised budget, the administration remains focused on stimulating economic growth, stabilizing key sectors, and ensuring fiscal responsibility in the coming year.