President Bola Tinubu has asked the National Assembly to increase the 2025 budget from N49.7 trillion to N54.2 trillion.
This represents an additional N4.5 trillion above the original figure presented to lawmakers in December 2024.
Senate President Godswill Akpabio read Tinubu’s request on the floor of the Senate.
The increase is in line with the government’s financial template for the next three years.
Earlier, the two chambers of the National Assembly had approved the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Within this framework, lawmakers set the benchmark price for crude oil at $75 per barrel for 2025, $76.2 for 2026 and $75.3 for 2027.
Daily crude oil production targets were pegged at 2.06 million barrels for 2025, 2.10 million barrels for 2026 and 2.35 million barrels for 2027.
The economic growth projections in the fiscal strategy paper remains the same.
Nigeria’s Gross Domestic Product (GDP) is expected to grow by 4.6% in 2025, 4.4% in 2026 and 5.5% in 2027. This is based on the government’s optimism to drive recovery and boost national productivity.
The National Assembly also endorsed the exchange rate of N1,400 to the US dollar. But this rate may be reviewed in early 2025 based on the country’s monetary and fiscal policies.
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