National Telescope national telescope newspaper
President Bola Tinubu increased the 2025 budget from N49.7 trillion to N54.2 trillion to strengthen the Bank of Industry (BOI), the Bank of Agriculture (BOA), and other critical sectors, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has disclosed.
Speaking to journalists at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, on Wednesday, Bagudu explained that the additional N4.5 trillion will be used to bolster key economic sectors, enhance infrastructure projects, support the solid minerals sector, and fund initiatives under the Renewed Hope Infrastructure Fund.
Bagudu said, “You’ll recall that President Bola Ahmed Tinubu initially submitted a N49.7 trillion budget to the National Assembly.
Through continued discussions between the Executive and the National Assembly, we identified opportunities to generate more revenue.”
He noted that the Senate Committees on Appropriations, National Planning, and Finance, together with the Economic Management Team, determined that government institutions could generate more revenue than initially projected.
“In this process, both the Senate Committees and the Economic Management Team realized that we could raise more funds by pushing all relevant institutions to increase their contributions.
The Federal Inland Revenue Service (FIRS) confirmed its ability to exceed the earlier revenue projections,” Bagudu said.
He further revealed that other revenue-generating agencies, including the Nigeria Customs Service (NCS) and various government-owned enterprises, also confirmed their capacity to raise their contributions, resulting in an additional N4.5 trillion in revenue.
This discovery was presented to President Tinubu, who, after consultations, directed that the extra funds be allocated to key sectors, including the Bank of Industry, the Bank of Agriculture, the solid minerals sector, and infrastructure projects under the Renewed Hope Infrastructure Fund.
On whether the increase would require a revision of the Medium-Term Expenditure Framework (MTEF), Bagudu confirmed that an adjustment would be made to align with the revised budget.
“Yes, when the budget was originally submitted, the MTEF was amended because the approved version was for a budget of less than N49 trillion. A consequential amendment to the MTEF will definitely follow,” Bagudu said.
The President had earlier raised the 2025 budget from N49.7 trillion to N54.2 trillion, citing an increase in revenue generated by key government agencies.
According to separate letters to the Senate and House of Representatives, the increase was driven by N1.4 trillion from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government-owned agencies.
It will be recalled that in December 2024, President Tinubu presented the N49.7 trillion budget for the 2025 fiscal year to the National Assembly.
