The president of Nigeria raises the budget for 2025 to $36.4 billion

President Bola Tinubu of Nigeria announced in a letter to the Senate on Wednesday that the 2025 budget would now be 54.2 trillion naira ($36.4 billion) instead of 49 trillion naira.

The government’s revenue collection agencies, including customs and the tax authority, made more money, according to the president, which is why the hike occurred.

He also mentioned that the Nigeria Customs Service brought in 1.2 trillion naira, the Federal Inland Revenue Service (FIRS) brought in 1.4 trillion, and other agencies brought in 1.8 trillion.

The government said in December that the 2025 expenditure plan will have a budget deficit of 13.0 trillion naira, or 3.89% of GDP.