Tinubu increases proposed 2025 budget from N49.7 trillion to N54.2 trillion

…as Akpabio assures budget passage before February ends

President Bola Ahmed Tinubu has officially notified the Senate of an increase in the proposed 2025 Appropriation Bill from N49.7 trillion to N54.2 trillion, following the discovery of an additional N4.53 trillion in revenue.

The President communicated this adjustment in separate letters to both chambers of the National Assembly. It was read during plenary by Senate President Godswill Akpabio on Wednesday.

The increase, he explained, was due to additional revenues generated by the Federal Inland Revenue Service (FIRS) (N1.4 trillion), Nigeria Customs Service (NCS) (N1.2 trillion), and other Government-Owned Enterprises (GOEs) (N1.8 trillion).

Ruling on the matter, Akpabio referred the letter to the Senate Committee on Appropriations and directed them to expedite the necessary adjustments to the budget, which is currently under review. He assured that the budget would be passed before the end of February to ensure smooth government operations.

A breakdown of the proposal shows N4.53 trillion to key sectors to drive economic diversification, infrastructure development, and national security. Solid Minerals sector was allocated N1 trillion “to unlock Nigeria’s vast mineral resources, reduce reliance on oil, and create alternative revenue streams.”

Bank of Agriculture Recapitalisation got N1.5 trillion to enhance food security, empower smallholder farmers, and promote agro-industrial value chains while Bank of Industry Recapitalisation got N500 billion to support small and medium enterprises (SMEs), boost local manufacturing, and reduce import dependence.

Infrastructure Development got N1.5 trillion while Irrigation Development (N380 billion) to support year-round farming and ensure water security.

For transportation Infrastructure, N700 billion was allocated, including N300 billion for roads and N400 billion for urban rail networks. Border Communities Infrastructure got N50 Billion) to enhance security and foster economic development.

On security, Military Barracks Accommodation was allocated N250 billion) to improve housing for security personnel, while Military Aviation was proposed N120 Billion) to modernise Nigeria’s military air capabilities.

President Tinubu justified the allocations to the military, stating that no.progress can be made without security. He emphasised that investing in the armed forces was a moral and economic necessity as national security remains the foundation of economic stability and development.

He urged the National Assembly to.adopt and integrate the revised budget proposal, reaffirming his administration’s commitment to inclusive growth, economic diversification and national security.

Daily Sun