President Bola Ahmed Tinubu has requested the National Assembly to increase the 2025 national budget from 49.7 trillion naira to 54.2 trillion naira, funded by an additional 4.5 trillion naira in projected revenues from the Federal Inland Revenue Service, the Nigeria Customs Service, and other government agencies. The proposed expansion targets key priority sectors, allocating 1.5 trillion naira to critical infrastructure, 1.5 trillion naira to recapitalize the Bank of Agriculture, 500 billion naira for the Bank of Industry, and one trillion naira to develop the solid minerals sector. While public officials like Budget Minister Atiku Bagudu and Senate President Godswill Akpabio support the move to drive economic growth and diversification, economic analysts and business groups such as the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture have raised strong concerns regarding fiscal policy conflicts, widening budget deficits, inflation risks, and unreliable revenue projections. Concurrently, citizens and industry experts are expressing widespread frustration over broader economic hardships and rising living costs, particularly the adverse financial strain that proposed telecom tariff hikes put on low-income consumers and small businesses.
Index to Nigerian Newspapers
