2025 budget: President Bola Ahmed Tinubu is set to Appear before National Assembly

While addressing journalists, an official confirmed the upcoming budget presentation and requested a list of individuals permitted to access the chamber during the session. This announcement comes three weeks after President Bola Tinubu submitted the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to both chambers of the National Assembly.

The MTEF 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) regarding revenue and expenditure projections, the Senate Finance Committee approved the MTEF, paving the way for the budget presentation.

However, disagreements surfaced among lawmakers on Monday regarding President Tinubu’s loan requests. These discussions occurred against the backdrop of reports indicating that several federal revenue-generating agencies had exceeded their 2024 budgetary revenue targets.

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, confirmed that the Federal Government generated ₦1.5 trillion in education tax revenue, significantly surpassing the original target of ₦70 billion. He shared this update during an interactive session with the joint Committees on Finance, Budget, and National Planning, focusing on the 2025-2027 MTEF and Fiscal Strategy Paper.

Adedeji further reported that the revenue from Company Income Tax had also surpassed expectations. While the initial target was set at ₦4 trillion, the actual revenue realized so far has reached ₦5.7 trillion. He noted that as of September, the government had already collected ₦18.5 trillion out of the ₦19.4 trillion targeted for 2024. This performance strongly suggests that the overall revenue target will be exceeded by the end of the year.

Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, revealed that the company had outperformed its revenue projection of ₦12.3 trillion for 2024 by generating ₦13.1 trillion. For the 2025 fiscal year, the NNPCL projects to remit ₦23.7 trillion into the Federation Account, signaling continued growth in revenue.

The Nigeria Customs Service also exceeded expectations, as reported by Comptroller-General Bashir Adeniyi. By September 30, the agency had generated ₦5.35 trillion in revenue, surpassing the ₦5.09 trillion target set for the 2024 fiscal year. Adeniyi also announced that the revenue target for 2025 is set at ₦6.3 trillion, with plans to increase the target by 10% in 2026 and another 10% in 2027.

Despite these remarkable performances by revenue-generating agencies, the announcement of the education tax surplus coincided with widespread concerns over rising school fees across the country. This development has sparked debate over whether the additional revenue is being effectively utilized to address pressing issues in the education sector.

These revenue reports highlight the significant progress made by federal agencies in exceeding financial targets. However, they also bring into focus the broader fiscal and policy challenges facing the government as it seeks legislative approval for its budgetary and loan proposals. As the National Assembly deliberates the ₦49.7 trillion budget for 2025, balancing revenue generation with the equitable distribution of resources will remain a central concern.