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Tolu Adedokun
2 weeks ago
Overview
Tinubu increases 2025 budget.
President Bola Tinubu, yesterday, increased the appropriation bill for the 2025 fiscal year from N49.7 trillion to N54.2 trillion.
Tinubu announced the increment in separate letters, which he forwarded to both the Senate and the House of Representatives yesterday.
Minister of Budget and National Planning, Senator Atiku Bagudu, explained that the increment was to allow for the approval of more revenue to strengthen the Bank of Agriculture and Bank of Industry.
Bagudu said the increase was also to support the administration’s diversification programme by putting more money in the solid minerals sector as well as infrastructure projects.
Tinubu’s letter was read during plenary in the Senate by Senate President Godswill Akpabio, and in the House of Representatives by Speaker Tajudeen Abbas.
Tinubu attributed the N4.53 trillion added to the appropriation bill to an increment in revenues recorded by some revenue-generating agencies of the federal government.
He said the increase arose from N1.4 trillion additional revenues made by the Federal Inland Revenue Service (FIRS); N1.2 trillion made by the Nigeria Customs Service; and N1.8 trillion generated by some other Government-owned Agencies (GOEs).
The Ministry of Solid Minerals Development was the highest beneficiary of the additional revenues, as it got N1 trillion.
The ministry, which has Mr. Dele Alake as minister, initially had N6 billion envelope from the Budget Office for the 2025 fiscal year before the National Assembly joint committee on Solid Minerals increased it to N9 billion.
The president of the senate after, reading the letter, consequently, directed the request to the Senate Committee on Appropriations for expeditious consideration.
Akpabio also declared that the budget consideration would be concluded and passed before the end of February.
