2025 Budget: Tinubu seeks parliamentary approval for increase from N49.7trillion to N54.2trillion

…As NASS promises to pass budget before end of February

By Tunde Opalana

President Bola Tinubu has proposed a N4.5 trillion increase to the 2025 Appropriation Bill awaiting passage in the National Assembly.

With the proposed increase, the size of the 2025 budget has jumped from N49.7 trillion presented presented by Tinubu to
the joint session of the National Assembly on December 18, 2024 to N54.2trillion .

The President in separate letters forwarded to both the President of the Senate and the Speaker ,House of Representatives proposed the increase in the year 2025 budget.

Reading the letter during Wednesday’s plenary , Senator President, Godswill Akpabio , said the increase arose from N1.4trilliion additional revenues made by the Federal Inland Revenue Service ( FIRS ) , N1.2trillion made by the Nigeria Customs Service , N1.8trilliion generated by some other Government Owned Agencies.

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Akpabio consequently directed the request to the Senate Committee on Appropriations for expeditious consideration and declared that the budget consideration , would be concluded and passed before the end of this month.

According to the President, this additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda:

Tinubu proposed that these funds be allocated to transformative expenditure areas such as Solid Minerals Sector which will help additional N1 trillion.

This is to support economic diversification by unlocking the potential of Nigeria’s vast solid mineral resources, which remain an untapped revenue stream and a vital pillar of non-oil growth.

Other areas include “Recapitalization of the Bank of Agriculture (BoA) N1.5 trillion: To transform Nigeria’s agricultural landscape, ensure food security, and empower smallholder farmers and agribusinesses.

“Recapitalization of the Bank of Industry (Bol) N500 billion To provide critical support to small and medium enterprises (SMEs), drive local manufacturing, and reduce dependence on imports

“Critical Infrastructure Projects (RHID Fund) – N1.5 trillion. Allocated as follows:
a Irrigation Development (through River Basin Development Authorities): N380 billion; Transportation Infrastructure (roads and rail): N700 billion (300 billion for the construction and rehabilitation of critical roads and 400 billion for light rail network development in urban centers),; Border Communities Infrastructure: N50 billion; Military Barracks Accommodation: N250 billion, and Military Aviation: N120 billion.

Expatiating on a philosophical case for Military Expenditure, the President said
“the foundation of a thriving nation lies in its ability to protect its citizens. No infrastructure, no innovation, and no progress can be enjoyed or sustained without security. The government has a constitutional obligation to secure lives and property, and military expenditure is not merely a fiscal decision-it is a moral imperative.

“By investing in our armed forces, we affirm our resolve to end terrorism, safeguard the dignity of our people, and create conditions for economic prosperity. This budget reflects not only our commitment to securing Nigeria today but to building a future where every citizen can live and thrive without fear.”

Giving a broader justification for the additional budgeting Tinubu said “this allocation framework underscores the Administration’s dedication to fostering inclusive growth, addressing security challenges, and building resilience into Nigeria’s economic fabric. These investments will:

“Promote Stability By addressing critical infrastructure deficits, especially in underserved regions, and strengthening national security

“Diversify Revenue: By investing in agriculture, solid minerals, and manufacturing. reducing over-reliance on oil revenues.

“Catalyze Economic Growth: By enhancing infrastructure, supporting SMEs, and unlocking Nigeria’s vast economic potential.”

Request for Integration, he urged the National Assembly to adopt and integrate these proposals into the 2025 Appropriation Bill, reflecting our shared commitment to national development.

The President asked the legislature to contact him if additional information or clarification is required.