President Bola Tinubu has requested the National Assembly to approve an increase in the proposed 2025 budget from N49.7 trillion to N54.2 trillion, marking a rise of N4.5 trillion.
The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Wednesday. This adjustment comes after Tinubu initially presented the N49.7 trillion budget proposal to lawmakers in December 2024.
The budget framework aligns with the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which had been approved by both chambers last year. These documents set key fiscal parameters for government spending and revenue generation.
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As part of the fiscal projections, the National Assembly previously endorsed oil benchmark prices of $75, $76.2, and $75.3 per barrel for daily crude oil production targets of 2.06 million, 2.10 million, and 2.35 million barrels for the 2025-2027 fiscal years, respectively.
Additionally, the projected Gross Domestic Product (GDP) growth rate was maintained at 4.6 percent, 4.4 percent, and 5.5 percent over the three-year period. The lawmakers also approved an exchange rate of N1,400/$, though they noted that it remains subject to review in early 2025 based on monetary and fiscal policies.
The proposed increase in budgetary spending is expected to influence various sectors, including infrastructure, social services, and economic stabilization measures. The National Assembly is set to deliberate on the request before final approval.
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