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President Bola Tinubu has asked the national assembly to increase the proposed 2025 budget to N54.2 trillion.
Tinubu had asked the national assembly to approve N49.7 trillion for the fiscal year initially when he appeared before the lawmakers to present the proposal in December 2024. The budget will now see an increase by N4.5 trillion.
The president’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the red chamber on Wednesday.
Last year, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) – parameters on which budgets are framed.
The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.
It maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.
The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.
