President Bola Tinubu has notified the Senate of an increase in the proposed 2025 budgetary estimates from the ₦49.7 trillion he presented on Dec. 18, 2024 to ₦54.2 trillion.
Tinubu announced the increase via a letter forwarded to both chambers of the National Assembly, which was read at plenary on Wednesday by Senate President, Godswill Akpabio.
Tinubu, in the letter, said that the increase arose from the ₦1.4 trillion additional revenues made by Federal Inland Revenue Service (FIRS), ₦1.2 trillion generated by Nigeria Customs Service (NCS) and ₦1.8 trillion made by some other government-owned agencies.
Tinubu said that the ₦54.2 trillion was a demonstration of the government’s commitment to inclusive public good 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 Bank of Industry, the capitalisation will be over N500 million, that is, N500 billion critical infrastructure will be over N1.5 trillion
“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 properties and the military expenditure is not merely a fiscal decision, which is a moral imperative.
“The budget reflects not only our commitment to securing Nigeria today, but to building a future where every citizen can live and thrive without fear,’’ the letter read.
In his remarks, Akpabio said that Tinubu’s move on the budget increase was “totally uncommon.”
“The 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.
”But as a sign of respect for the hallowed chambers, he decided to put it in writing, exposing the additional revenue, explaining areas of interest, and at the same time justifying it.
“So we commend Mr President for this level of transparency, and we assure him that within this month of February, we will incorporate this and ensure that the 2025 budget is passed.
“So Mr President, I’d like to commend you,” he said.
Akpabio consequently referred the document to the Committee on Appropriations for further expeditious legislative inputs.
(NAN)
