President Bola Tinubu has formally notified the Nigerian Senate of an increase in the proposed 2025 national budget from N49.7 trillion (announced in December 2024) to N54.2 trillion. The increase was detailed in a letter sent to both chambers of the National Assembly, which was read during a Senate plenary session by Senate President Godswill Akpabio.
Why the Budget Increased
President Tinubu explained that the additional budget allocation resulted from increased revenue generation across key government agencies:
- Federal Inland Revenue Service (FIRS): N1.4 trillion
- Nigeria Customs Service (NCS): N1.2 trillion
- Other government-owned agencies: N1.8 trillion
These additional funds, according to Tinubu, will be used to strengthen Nigeria’s economy, improve security, and invest in key sectors.
Key Areas of Spending
The President emphasized that the revised budget reflects the government’s commitment to inclusive development and national security. Some major allocations include:
- Solid Minerals Sector: Over N1 trillion to boost Nigeria’s mining industry.
- Bank of Agriculture Recapitalization: N1.5 trillion to support agricultural financing and food security.
- Bank of Industry: N500 billion to enhance industrial growth.
- Critical Infrastructure Projects: More than N1.5 trillion for roads, bridges, and power projects.
- National Security: A significant portion of the budget will go to military and security agencies to protect citizens and property.
President Tinubu underscored the importance of security in achieving economic growth, stating that “no infrastructure, no innovation, and no progress can be sustained without security.”
Senate’s Response
Senate President Akpabio praised Tinubu’s decision to formally communicate the budget increase rather than making adjustments through internal committees. He described the move as a sign of transparency and respect for the legislature.
“This level of transparency must be commended. The President could have made these changes within the ongoing committees on appropriations, but instead, he chose to formally write to us, explaining the additional revenue sources and justifying the increase,” Akpabio said.
He further assured that the National Assembly would work swiftly to incorporate the new figures and pass the final 2025 budget before the end of February.
The budget proposal has now been referred to the Committee on Appropriations for further legislative review and necessary adjustments.
