President Bola Tinubu has increased the proposed 2025 budget from N49.7 trillion to N54.2 trillion, attributing the rise to additional revenues from key government agencies.
The revised figures were communicated in separate letters sent to both the Senate and the House of Representatives.
Senate President Godswill Akpabio read the letters aloud during today’s plenary session.
READ ALSO: Tinubu raises retirement age for healthcare workers to 65
According to President Tinubu, the budget adjustment reflects an extra N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion from other government-owned agencies.
Following the announcement, the Senate President referred the proposal to the Senate Committee on Appropriations for urgent review.
He assured lawmakers that the final budget would be approved before the end of February, prompting expectations that the National Assembly will expedite deliberations for the timely implementation of the 2025 budget.
Tinubu minister explains budget increment
Minister of Budget and National Planning, Senator Atiku Bagudu, explained that the increment was to allow for the approval of more revenue to strengthen the Bank of Agriculture and Bank of Industry.
Bagudu said the increase was also to support the administration’s diversification programme by putting more money in the solid minerals sector as well as infrastructure projects.
However, a member of the House of Representatives, Hon. Kingsley Chinda, faulted the procedure for the increment.
Chinda said the presentation from the executive should not have come in the form of a letter.
Tinubu’s letter was read during plenary in the Senate by Senate President Godswill Akpabio, and in the House of Representatives by Speaker Tajudeen Abbas.
Tinubu attributed the N4.53 trillion added to the appropriation bill to an increment in revenues recorded by some revenue-generating agencies of the federal government.
He said the increase arose from N1.4 trillion additional revenues made by the Federal Inland Revenue Service (FIRS); N1.2 trillion made by the Nigeria Customs Service; and N1.8 trillion generated by some other Government-owned Agencies (GOEs).
The Ministry of Solid Minerals Development was the highest beneficiary of the additional revenues, as it got N1 trillion.
The ministry, which has Mr. Dele Alake as minister, initially had N6 billion envelope from the Budget Office for the 2025 fiscal year before the National Assembly joint committee on Solid Minerals increased it to N9 billion.
The president of the senate after, reading the letter, consequently, directed the request to the Senate Committee on Appropriations for expeditious consideration.
Akpabio also declared that the budget consideration would be concluded and passed before the end of February.
