President Bola Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion.
The budget increase was conveyed in separate letters sent to both chambers of the National Assembly and read by the Senate President, Godswill Akpabio during the plenary on Wednesday.
According to Akpabio, the proposed increase was predicated on additional revenues from the revenue generating agencies: “N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion generated by other government-owned agencies.”
He directed the request to the Senate Committee on Finance and Appropriations for speedy consideration, saying that the budget deliberation would be concluded and passed before the end of February.
Addressing journalists on the development, the Minister of Budget and Economic Planning, Abubakar Bagudu, explained that President Tinubu approved the additional N4.5 trillion to further strengthen the Bank of Agriculture and the Bank of Industry, boost diversification by investing more in the solid minerals sector, and support projects under the Renewed Hope Infrastructure Fund.
“You will recall President Bola Ahmed Tinubu submitted a N49.7 trillion budget to the combined National Assembly, and legislative work commenced. Through continued interactions between the Executive and the National Assembly, it was established that we could generate more revenue,” Bagudu said.
According to him, the Senate Committees on Appropriations, National Planning, and Finance, along with the Economic Management Team, determined that various government institutions could contribute more revenue than earlier projected.
“In that process, both the Senate Committee on Appropriations, Senate Committee on National Planning, and Senate Committee on Finance established that we can generate more revenue by tasking all the institutions to do more.
“The Federal Inland Revenue Service confirmed their ability to generate more than what was initially submitted,” he added.
