President Bola Tinubu’s Minister for Budget and National Planning, Abubakar Atiku Bagudu has explained why the 2025 budget that is still before the National Assembly was asked to be increased by an additional N4.5 trillion.
The President had initially proposed a budget of N49.7 trillion before requesting on Wednesday that the budget be increased to N54.2 trillion.
The Minister said there are assurances by the revenue generating agencies that they could generate additional N4.5 trillion.
The minister explained that President Tinubu approved the additional N4.5 trillion to further strengthen the Bank of Agriculture and the Bank of Industry, boost diversification by investing more in the solid minerals sector, and support projects under the Renewed Hope Infrastructure Fund.
“You’ll recall President Bola Ahmed Tinubu submitted a N49.7 trillion budget to the combined National Assembly, and legislative work commenced. Through continued interactions between the Executive and the National Assembly, it was established that we could generate more revenue,” Bagudu said.
“In that process, both the Senate Committee on Appropriations, Senate Committee on National Planning, and Senate Committee on Finance established that we can generate more revenue by tasking all the institutions to do more.
“The Federal Inland Revenue Service confirmed their ability to generate more than what was initially submitted,” he added.
Bagudu further disclosed that other revenue-generating agencies, including government-owned enterprises and the Nigeria Customs Service, also confirmed their capacity to increase their contributions, resulting in additional revenue of over N4.5 trillion.
