Tinubu Seeks N4.5 Trillion Increase in 2025 Budget

President Bola Tinubu has requested the National Assembly to increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion, reflecting an additional N4.5 trillion.

Tinubu initially presented the N49.7 trillion budget proposal to lawmakers in December 2024. However, in a letter read by Senate President Godswill Akpabio on the Senate floor on Wednesday, the president sought an upward revision.

Last year, both legislative chambers approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which outline the parameters for annual budgets.

Under the approved framework, the oil benchmark prices were set at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively, with projected daily crude oil production at 2.06 million, 2.10 million, and 2.35 million barrels.

The framework also retained the projected Gross Domestic Product (GDP) growth rates at 4.6%, 4.4%, and 5.5% for the three fiscal years. Additionally, the lawmakers endorsed an exchange rate of N1,400/$, with a provision for review in early 2025 based on prevailing monetary and fiscal policies.