President Tinubu said additional revenue generation by FIRS, Nigeria Customs Service, other government-owned agencies are reasons for 2025 budget increase
President Bola Tinubu has formally requested the National Assembly to approve an increase in the 2025 budget from ₦49.7 trillion to ₦54.6 trillion.
His request was conveyed through separate letters addressed to both the Senate and the House of Representatives, which were read during plenary by Senate President Godswill Akpabio and Speaker Abbas Tajudeen.
In his letter, Tinubu explained that the proposed adjustment was made possible by additional revenue generated by key government agencies. According to the breakdown:
• Federal Inland Revenue Service (FIRS) contributed ₦1.4 trillion
• Nigeria Customs Service generated ₦1.2 trillion
• Other Government-Owned Agencies (GOEs) accounted for ₦1.8 trillion
The additional funds, he noted, provide the fiscal space to expand the government’s spending plans for the year.
ALSO READ: FIRS defies NASS, risks dual arrest threats from Senate and House
The letter partly reads ” I am writing to inform you of the availability of additional revenue amounting to N4,530,479,970,637 and to propose its allocation within the 2025 Appropriation Bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations.
“This additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda”
Mr. President highlighted in the letter that the revenue funds be allocated to some transformative expenditure areas which includes: solid minerals sector was earmarked N1 trillion, N1.5 trillion for the recapitalization of the Bank of Agriculture, N500 billion recapitalization of the Bank of Industry (Bol).
Also critical Infrastructure Projects (RHID Fund) was allocated N1.5 trillion which is distributed across:
a. Irrigation Development (through River Basin Development Authorities): N380 billion.
b. Transportation Infrastructure (roads and rail): N700 billion (300 billion for the construction and rehabilitation of critical roads and 400 billion for light rail network development in urban centers),
c. Border Communities Infrastructure: N50 billion,
d. Military Barracks Accommodation: N250 billion, and
e. Military Aviation: N120 billion.
Following the reading of the letter, Senate President Akpabio and Deputy Speaker Benjamin Kalu who presided over House plenary referred the request to the Senate and House Committee on Appropriations for immediate consideration.
Akpabio assured lawmakers that the review process would be completed swiftly, with the goal of passing the revised budget before the end of the month.
It is worthy of note that the National Assembly has the constitutional backing after proper legislative procedures to either increase or reduce the financial estimate of the fiscal year.
Parliament reports recalls that President Tinubu presented 2025 budget estimates of N49.7 trillion to the joint session of the National Assembly on December 18, 2024.
