President Bola Ahmed Tinubu is set to present the 2025 budget proposal to a joint session of the National Assembly on Wednesday.
Naija News reports that this announcement was made on Monday by Dr. Ali Barde Umoru, Secretary of Research and Information at the National Assembly.
While addressing journalists, he confirmed the budget presentation and requested a list of individuals permitted to access the chamber during the session.
Three weeks prior to this announcement, President Tinubu had submitted the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly.
The document outlined a proposed total expenditure of ₦26.1 trillion for the 2025 fiscal year.
Following two weeks of deliberations with heads of Ministries, Departments, and Agencies (MDAs) on revenue and expenditure projections, the Senate Finance Committee approved the MTEF, paving the way for the budget presentation.
Meanwhile, there were disagreements between members of the National Assembly on Monday regarding President Bola Tinubu’s loan requests.
This follows reports of several revenue-generating agencies of the Federal Government generating and exceeding their budgetary revenue targets for 2024.
On Monday, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, confirmed the Federal Government had generated ₦1.5 trillion in education tax, significantly surpassing the ₦70 billion target.
Adedeji shared this information during an interactive session with the joint Committees on Finance, Budget, and National Planning of the National Assembly, focusing on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.
In their individual presentations to the joint committees regarding the 2024 budget performance and revenue projections for the ₦49.7 trillion budget for 2025, the revenue-generating agencies reported exceeding their revenue targets for the 2024 fiscal year.
This announcement regarding the education tax surplus emerged amid concerns over recent increases in school fees across the board.
According to Adedeji, while the target for Company Income Tax was set at ₦4 trillion, the actual revenue realized has reached ₦5.7 trillion.
“On Education tax, while ₦70bn was targeted, a total of ₦1.5tn has been realised.
“All in all, out of ₦19.4tn targeted for the 2024 fiscal year, ₦18.5tn was realised as of the end of September, which clearly shows that the target will be far exceeded by the end of the year,” he boasted.
In his presentation, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, said the company exceeded the N12.3tn revenue projected for 2024 by already raking in ₦13.1tn.
He said, “For the 2025 fiscal year, ₦23.7tn is projected by the NNPCL to be remitted into the Federation Account.”
In his presentation, Bashir Adeniyi, the Comptroller-General of the Nigeria Customs Service, reported that as of September 30, the agency had generated ₦5.35 trillion in revenue, surpassing the ₦5.09 trillion target set for the entire fiscal year of 2024.
He further indicated that the projected revenue target for 2025 is ₦6.3 trillion, with a planned 10% increase for the revenue target in 2026, followed by an additional 10% increase for the fiscal year 2027.