The House of Representatives has said President Bola Tinubu’s request for the 2025 budget proposal to be increased from N49.7 trillion to N54.2 trillion is a bold move, driven by additional revenue from key government agencies.
LEADERSHIP Weekend reports that Tinubu had written to the National Assembly, requesting that the earlier budget proposal of N49.7 trillion be increased to N54.2 trillion because of the additional revenue generated by key agencies of government.
According to the letter, the Federal Inland Revenue Service generated N1.4 trillion, the Nigeria Customs Service generated N1.2 trillion while the sum of N1.8tn was generated by other Government-owned Enterprises.
Speaking with journalists in Abuja on the development, the House deputy spokesman, Hon. Philip Agbese said the request showed the administration’s commitment to revitalising the economy and improving the lives of Nigerians.
“The House of Representatives welcomes the President’s proposal to revise the 2025 budget, which seeks to increase the allocation to ₦54.2tn This bold move, driven by additional revenue from key government agencies, demonstrates the administration’s commitment to revitalising the economy and improving the lives of Nigerians.
“As we delve into the details of the proposal, we’re particularly encouraged by the focus on strategic sectors, such as agriculture, which will receive a significant boost through the injection of funds into the Bank of Agriculture. This initiative has the potential to empower our farmers, stimulate rural development, and enhance food security.
“We also noted the proposal’s emphasis on enhancing national security, particularly the construction of barracks for our troops. This investment in our military’s welfare and infrastructure attests to the administration’s dedication to protecting our nation and its citizens,” he said.
The lawmaker representing Ado/Ogbadibo/Okpokwu federal constituency of Benue State assured Nigerians that the Abbas Tajudeen-led 10th House will strict allocation and implementation of the budget for even development to take place.
“As we begin our scrutiny of the proposal, we’ll continue to be guided by our commitment to ensuring that every naira is allocated efficiently, effectively, and in the best interests of Nigerians,” he stressed.