President Bola Tinubu has increased the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion as a result of additional revenues generated by key government agencies. The budget adjustments were contained in the letters addressed to the National Assembly and read by the Senate President Godswill Akpabio during plenary on Wednesday. According to the President, the increase was inspired by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service, ₦1.2 trillion from the Nigeria Customs Service and ₦1.8 trillion generated by other government-owned agencies. Mr Akpabio referred Mr Tinubu’s request to the Senate Committee on Appropriations for urgent consideration after announcing the increase to lawmakers.
The Senate president said the budget proposal would be finalised and passed before the end of February. In December last year, Mr Tinubu presented N47.90 trillion as the proposed 2025 Budget, an increase from the 2024 budget of N27.5 trillion presented in 2023. The President stressed that the budget, titled, “Budget of Restoration, Security Peace, Rebuilding Prosperity,’’ was designed to ensure macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity. Tinubu notified the Senate of an increase in the proposed 2025 budgetary estimates from the N49.7 trillion he presented on December 18, 2024 to N54.2 trillion. Tinubu announced the increase via a letter forwarded to both chambers of the National Assembly, which was read at plenary on Wednesday by Senate President, Godswill Akpabio. Tinubu, in the letter, said that the increase arose from the N1.4 trillion additional revenues made by Federal Inland Revenue Service (FIRS), N1.2 trillion generated by Nigeria Customs Service (NCS) and N1.8 trillion made by some other government-owned agencies. Tinubu said that the N54.2 trillion was a demonstration of government’s commitment to inclusive public good and security.
“I know there are justifications for the allocation. The solid mineral sector, we have about a trillion naira, the Bank of Agriculture, recapitalisation, we have about N1.5 trillion. In Bank of Industry, the capitalisation will be over N500 million, that is, N500 billion critical infrastructure will be over N1.5 trillion. The foundation of a thriving nation lies in its ability to protect its citizens; no infrastructure, no innovation, and no progress can be enjoyed or sustained without security. The government has a constitutional obligation to secure lives and properties, and the military expenditure is not merely a fiscal decision, which is a moral imperative. The budget reflects not only our commitment to securing Nigeria today but to building a future where every citizen can live and thrive without fear,’’ the letter read. In his remarks, Akpabio said that Tinubu’s move on the budget increase was ‘totally uncommon’. The transparency must be applauded; this could have been done even at the level of the ongoing committees on appropriation, both in the Senate and the House of Representatives, without Mr President naturally writing to us.
”But as a sign of respect for the hallowed chambers, he decided to put it in writing, exposing the additional revenue, explaining areas of interest, and at the same time justifying it. So we commend Mr President for this level of transparency, and we assure him that within this month of February, we will incorporate this and ensure that the 2025 budget is passed. So Mr President, I’d like to commend you,” he said. Akpabio consequently referred the document to the Committee on Appropriations for further expeditious legislative inputs.