The president of the Federal Republic of Nigeria, Bola Ahmed Tinubu, officially announced his request for an increase in the 2025 initial budget of N49.7tn to N54.2tn.
During the plenary yesterday, at the National House of Assembly, the adjustment budget was first sent in separate letters to the Senate and House of Representatives. The senate president, God’swill Akpabio, then read it to the hearing of the members of the House of Assembly.
According to the president, the increase came about as a result of the N1.4bn additional revenue from the Federal Inland Revenue Service (FIRS), N1.2tn from the Nigerian Customs Service, and N1.8tn generated by other government-owned agencies.
Akpabio requested the Senate committee on appropriation for immediate consideration, declaring that the budget will be ready by the end of the month.
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Minister of Budget and National Planning, Atiku Bagudu in his speech tried to explain further the purpose of the increment in budget.
In his explanation, after the president submitted the 2025 N49tn initial budget, all the required constituencies including the legislative work, the executive and national assembly, and the economic management team continued to deliberate on them.
“While the process was still going on, the Senate Committee on Appropriation, 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 and the Federal Inland Revenue Service confirmed the ability to do more than was submitted”, He went further to add.
“It was established that the government-owned enterprises can contribute more revenue, as well as the Customs Service.
“So additional revenue amounting to over N4.5 trillion naira was established and this was taken to the President and he guided that this additional revenue should be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification program by putting more money in the solid minerals sector, as well as infrastructure projects.”
