President Bola Tinubu has announced a significant increase in the proposed 2025 national budget, raised it from N49.7 trillion to N54.2 trillion. The revised figure, reflected an additional N4.5 trillion in revenue, included contributions from the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service, and other government-owned agencies.
The president explained that the increased revenue would be used to bolster key sectors, including the Bank of Agriculture and the Bank of Industry, and support Nigeria’s diversification agenda. Investments are set to focus on the solid minerals sector and infrastructure projects, vital for the nation’s economic growth.
In a letter forwarded to both the Senate and the House of Representatives, Tinubu emphasized that the additional revenue generation capacity of government agencies had been thoroughly examined, leading to the adjustment. Following the letter’s reading, the President of the Senate, Godswill Akpabio, directed the Committee on Appropriations to prioritize the budget review.
The Minister of Budget and Economic Planning, Atiku Bagudu, also highlighted that the revision followed ongoing discussions with the National Assembly, which identified opportunities for increased revenue. Bagudu assured that the budget review process would be completed and passed before the end of February, paving the way for strategic investments aimed at enhancing Nigeria’s economic stability and growth.
