Tinubu Seeks Additional N4.5 Trillion Funding, Asks N’Assembly To Increase 2025 Budget To N54.2 Trillion
President Bola Tinubu has requested the National Assembly to raise the proposed 2025 budget from N49.7 trillion to N54.2 trillion, marking a N4.5 trillion increase.
Tinubu initially presented a N49.7 trillion budget proposal to lawmakers in December 2024.
However, in a letter read by Senate President Godswill Akpabio on the Senate floor Wednesday, the president called for an upward revision.
Last year, both chambers of the National Assembly approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which set the foundation for the budget.
The approved fiscal parameters included oil benchmark prices of $75, $76.2, and $75.3 per barrel for 2025-2027, with daily crude oil production estimates of 2.06 million, 2.10 million, and 2.35 million barrels, respectively.
The GDP growth rate was projected at 4.6%, 4.4%, and 5.5% for the three years, while the exchange rate was pegged at N1,400/$—though lawmakers noted that this could be reviewed in early 2025 based on evolving monetary and fiscal policies.
