President Bola Tinubu returned to the National Assembly and requested that lawmakers increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion.
The Nigerian Constitution grants the National Assembly the authority to amend financial estimates for the fiscal year through legislative procedures.
Yesterday, President Tinubu formally proposed increasing the 2025 proposed budget size from the N49.7 trillion initially presented to the joint session of the National Assembly on December 18, 2024, to N54.2 trillion.
The President communicated this request through separate letters sent to the Senate and the House of Representatives.
The letters were read on the floors of both chambers of the National Assembly during Wednesday’s plenary session.
Breakdown of the Additional N4.53trn Revenue
In his letter, President Tinubu informed the National Assembly of the availability of additional revenue totalling N4,530,479,970,637 and proposed its allocation within the 2025 Appropriation Bill to address key national priorities.
The additional revenue is sourced from the following agencies: Government-Owned Enterprises (GOEs): N1.82 trillion; Federal Inland Revenue Service (FIRS): N1.49 trillion (52% share of the increase in revenue from N22.1 trillion to N25.1 trillion); Nigeria Customs Service (NCS): N1.2 trillion (52% share of the increase in revenue from N6.5 trillion to N9.0 trillion).
The president stated that with this additional revenue, the total budget proposal for the 2025 financial year would rise to N54.2 trillion, underscoring the administration’s commitment to inclusive growth and national security.
Tinubu outlined the following allocations for the additional funds: Solid Minerals Sector, N1 trillion; Bank of Agriculture (BoA), N1.5 trillion; Bank of Industry (BoI) – N500 billion; Critical Infrastructure Projects (RHID Fund), N1.5 trillion; and Irrigation Development (River Basin Authorities), N380 billion.
Also to get the additional funding are transportation infrastructure (Roads & Rail), N700 billion; Border Communities Infrastructure, N50 billion; Military Barracks Accommodation, N250 billion and Military Aviatio N120 billion.
Tinubu justified the budget increase. According to him, the additional N1trillon funding for Solid Minerals Sector will boost mineral processing and export, enhance economic diversification and reduce Nigeria’s dependence on oil revenues.
Also, the N1.5 trillion Bank of Agriculture Recapitalisation will enhance food security, expand credit access for farmers and agribusinesses, increase agricultural productivity and strengthen value chains.
The N500 billion Bank of Industry Recapitalisation will provide accessible financing for entrepreneurs, enhance industrial capacity and manufacturing, and ensure job creation.
Of the N1.5 trillion allocated to critical infrastructure, N380 billion will go to irrigation development to support all-year-round farming; N700 billion will go to roads and rail to enhance economic activity; border infrastructure will get N50 billion toward improving security and promoting cross-border trade.
The sum of N250 billion will be used to upgrade military housing to boost morale, while N120 billion will be spent to strengthen Nigeria’s air defence capabilities.
President Tinubu emphasised that national security is the foundation of economic stability.
He described military spending as a moral and constitutional obligation to protect citizens, combat terrorism, and ensure a secure environment for development.
The president urged the National Assembly to adopt and integrate these proposals into the 2025 Appropriation Bill to accelerate Nigeria’s development.
Meanwhile, the National Assembly has promised to pass the budget within the specified time.
The President of the Senate, Godswill Akpabio, has subsequently directed that Tinubu’s request to amend the 2025 budget bill be sent to the Senate Committee on Appropriations for prompt consideration.
Akpabio declared that the budget review would be concluded and passed before the end of this month.