House of Reps Increases 2025 Budget to N54.99 Trillion
The House of Representatives on Thursday approved an increase in the federal government’s 2025 budget from N54.2 trillion to N54.99 trillion after reviewing additional revenue sources.
Initially, the president proposed a N49.7 trillion budget, later revising it to N54.2 trillion due to increased revenue availability. Following consultations with revenue-generating agencies, the House Committee on Appropriation, in collaboration with the Senate, agreed on the final figure.
The additional N4.5 trillion was incorporated into the budget as requested by the president. Notably, the North Central Development Commission and South-South Development Commission were not included in the initial budget allocation. Meanwhile, the budget for the Independent National Electoral Commission (INEC) was significantly raised from N40 billion to N140 billion to accommodate increased operational costs and the new minimum wage.
