President Bola Tinubu has officially notified the Senate of an increase in the proposed 2025 budgetary estimates, raising the total from N49.7 trillion, initially presented on December 18, 2024, to N54.2 trillion.
The announcement was made through a letter forwarded to both chambers of the National Assembly, which was read at plenary on Wednesday by Senate President Godswill Akpabio.
In the letter, President Tinubu explained that the increase in the budget was driven by additional revenues generated by various government agencies, including N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion from other government-owned agencies.
The president stated that the N54.2 trillion budget reflects the government’s commitment to public welfare and security. “I know there are justifications for the allocation. The solid mineral sector, we have about a trillion naira, the Bank of Agriculture, recapitalisation, we have about N1.5 trillion.
In the Bank of Industry, the capitalisation will be over N500 million, that is, N500 billion critical infrastructure will be over N1.5 trillion,” Tinubu outlined.
He emphasized the importance of security in the nation’s progress, noting that no infrastructure, innovation, or advancement could be sustained without security. “The foundation of a thriving nation lies in its ability to protect its citizens,” he said.
The president further noted that military expenditure was not only a fiscal decision but a moral imperative, and the budget underscored the government’s commitment to securing Nigeria now and in the future.
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Senate President Akpabio commended the president for the transparency shown in notifying the National Assembly. “This transparency must be applauded; this could have been done even at the level of the ongoing committees on appropriation, both in the Senate and the House of Representatives without Mr. President naturally writing to us,” he remarked.
Akpabio added that the decision to provide the additional revenue details and justifications in writing was a sign of respect for the Senate.
He assured the president that the budget increase would be incorporated and that the 2025 budget would be passed within the month of February.
Akpabio then referred the document to the Senate Committee on Appropriations for further legislative review and input.
This move by President Tinubu marks a significant step in ensuring transparency and effective governance as the government aims to address key sectors and ensure a prosperous future for Nigeria, Akpabio added.