In an unexpected move on Wednesday, President Bola Tinubu pushed up the projected 2025 budget from the N49.7 trillion he had handed to the National Assembly to N54.2 trillion.
The President announced an increase in the proposed budget size in separate letters forwarded to the Senate and the House of Representatives.
The letter read during plenary by Senate President Godswill Akpabio, said the increase arose from N1.4 trilliion additional revenues made by the Federal Inland Revenue Service, FIRS, N1.2 trillion made by the Nigeria Customs Service, and N1.8 trilliion generated by some other Government Owned Agencies.
As a result, Akpabio forwarded the proposal to the Senate Appropriations Committee for expedited review, stating that the 2025 budget will be passed by the end of February.
Atiku Bagudu, Minister of Budget and National Planning, echoed the National Assembly, recalling how the President submitted an N49 trillion budget to the National Assembly and legislative work began.
He explained that the legislative process continued with exchanges between the executive and the National Assembly, as well as the economic management team, which continued to question all of the data.
According to Bagudu, “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.
“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.”
