President Bola Tinubu has increased the 2025 budget estimate by ₦4.5 trillion. The original proposal, presented on 18 December 2024, stood at ₦49.7 trillion. With the increase, the budget now amounts to ₦54.2 trillion.
Tinubu communicated the increase through a letter sent to both chambers of the National Assembly. Senate President Godswill Akpabio read the letter at plenary on Wednesday.
Sources of additional revenue
In the letter, Tinubu explained that the additional ₦4.5 trillion came from increased revenue collections by government agencies. The Federal Inland Revenue Service (FIRS) contributed ₦1.4 trillion, the Nigeria Customs Service (NCS) generated ₦1.2 trillion, and other government-owned agencies accounted for ₦1.8 trillion.
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Government’s commitment to public welfare and security
Tinubu stated that the increased budget reflects the government’s focus on public welfare and security. He highlighted key areas where the additional funds would be allocated.
“I know there are justifications for the allocation. In the solid mineral sector, we have about a trillion naira, the Bank of Agriculture, recapitalisation, we have about N1.5 trillion,” he said.
He further stated that the Bank of Industry would receive over ₦500 billion for recapitalisation, while ₦1.5 trillion would be allocated to critical infrastructure.
Security as a priority
Tinubu emphasised the importance of security in national development, stating that the government is responsible for protecting lives and property.
“The foundation of a thriving nation lies in its ability to protect its citizens; no infrastructure, no innovation, and no progress can be enjoyed or sustained without security,” the letter read.
He stressed that military expenditure is not just a fiscal decision but also a moral imperative. The increased budget is aimed at ensuring security and creating a future where Nigerians can live without fear.
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Senate’s response
Following the reading of the letter, Akpabio commended Tinubu’s approach, describing the move as “totally uncommon.”
“The transparency must be applauded; this could have been done even at the level of the ongoing committees on appropriation, both in the Senate and the House of Representatives without Mr President naturally writing to us,” Akpabio said.
He noted that Tinubu’s decision to formally communicate the budget increase demonstrated respect for the National Assembly.
“But as a sign of respect for the hallowed chambers, he decided to put it in writing, exposing the additional revenue, explaining areas of interest, and at the same time justifying it,” he added.
Legislative action
Akpabio assured that the Senate would expedite the approval process to ensure the budget is passed within February 2025.
“So we commend Mr President for this level of transparency, and we assure him that within this month of February, we will incorporate this and ensure that the 2025 budget is passed. So, Mr President, I’d like to commend you,” he said.
The document has been referred to the Committee on Appropriations for further legislative review and processing.
