President Tinubu increases 2025 budget to $36.4 billion

Nigeria's President Bola Tinubu has increased the size of the 2025 budget to 54.2 trillion naira ($36.4 billion) from 49 trillion naira, he said in a letter to the Senate published on Wednesday.

The president said the increase was due to additional revenue from the government's revenue collecting agencies, such as the tax authority, customs and other agencies.

He added that extra revenue from Federal Inland Revenue Service (FIRS) was 1.4 trillion naira while Nigeria Customs Service fetched 1.2 trillion naira and other agencies got 1.8 trillion naira.

In December, the government said the 2025 spending plan included a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.

Reuters