The Federal Government has provided a rationale for the upward revision of the 2025 budget from N49.7 trillion to N54.2 trillion, asserting that the added revenue will be strategically allocated towards bolstering the Bank of Agriculture, Bank of Industry, and supporting the country’s diversification initiatives, particularly in the solid minerals sector and infrastructure projects.
Nigeria’s Minister of Budget and Economic Planning, Senator Atiku Bagudu, revealed the additional budget allocation details to journalists shortly after the departure of President Bola Tinubu from the Nnamdi Azikiwe Airport in Abuja for France.
The Federal Government’s 2025 Appropriation Bill, currently before the National Assembly, was revised upwards by N4.5 trillion, increasing the total budget to N54.2 trillion.
Addressing the media, Minister Bagudu explained that this upward adjustment was made possible due to the discovery of additional revenue streams from government-owned enterprises, such as the Nigeria Customs Service (NCS), that can make more significant contributions to the nation’s fiscal reserves.
He said: “You will recall Mr. President submitted 49 trillion naira budget to the National Assembly and legislative work commenced.
“The legislative work continued with interactions between the executive and the national assembly. The National Assembly and the Economic Management Team continued to interrogate all figures.
In that process, the senate committee on appropriation, senate committee on national planning, senate committee on finance established that we can generate more revenue by tasking all the institutions to do more and the federal inland revenue service confirmed the ability to do more than was submitted.
“Equally, it was established that the government-owned enterprises can contribute more revenue, as well the Customs Service. So additional revenue amounting to over 4.5 trillion naira was established and this was taken to the President.
“And guided that this additional revenue should be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification program by putting more money in the solid minerals sector as well as infrastructure projects.”
