President Bola Tinubu has formally requested the National Assembly to increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion, citing additional revenue sources and pressing national priorities.
In separate letters sent to the Senate and the House of Representatives, the President outlined the need for the extra N4.53 trillion. The letters were read on the floors of both chambers during Wednesday’s plenary session.
Breakdown of Additional Revenue Sources
President Tinubu disclosed that the additional revenue comes from the following agencies:
Government-Owned Enterprises (GOEs) – N1.82 trillion
Federal Inland Revenue Service (FIRS) – N1.49 trillion (from increased revenue projections of N22.1 trillion to N25.1 trillion)
Nigeria Customs Service (NCS) – N1.2 trillion (from increased revenue projections of N6.5 trillion to N9.0 trillion)
With this additional revenue, the total 2025 budget proposal will increase to N54.2 trillion. Tinubu stated that the adjustment aligns with his administration’s commitment to inclusive growth and national security.
How the Additional N4.53 Trillion Will Be Spent
The President outlined key allocations for the additional funds as follows:
Solid Minerals Development – N1 trillion
Bank of Agriculture Recapitalisation – N1.5 trillion
Bank of Industry Recapitalisation – N500 billion
Critical Infrastructure Projects (RHID Fund) – N1.5 trillion
Irrigation Development (River Basin Authorities) – N380 billion
Transportation Infrastructure (Roads & Rail) – N700 billion
Border Communities Infrastructure – N50 billion
Military Barracks Accommodation – N250 billion
Military Aviation – N120 billion
Justification for Budget Increase
President Tinubu explained that the additional N1 trillion for the solid minerals sector is aimed at boosting mineral processing and exports, diversifying the economy, and reducing Nigeria’s dependence on oil revenue.
The N1.5 trillion recapitalisation of the Bank of Agriculture is expected to enhance food security, expand credit access for farmers, and improve agricultural productivity. Similarly, the N500 billion for the Bank of Industry will support entrepreneurs, boost industrial capacity, and create jobs.
A total of N1.5 trillion allocated to critical infrastructure includes N380 billion for irrigation development to promote all-year-round farming, N700 billion for roads and rail to enhance economic activities, and N50 billion for border infrastructure to improve security and cross-border trade.
The President also earmarked N250 billion for military barracks accommodation upgrades and N120 billion for strengthening Nigeria’s air defense capabilities. He stressed that national security remains the foundation of economic stability and development.
National Assembly to Expedite Budget Approval
The National Assembly has pledged to review and pass the revised 2025 budget within the stipulated timeframe. Senate President Godswill Akpabio directed the Senate Committee on Appropriations to promptly consider the President’s request.
Akpabio assured that the budget review would be concluded and passed before the end of the month, ensuring continuity in government operations and national development planning.
