The Federal Government has increased the 2025 budget from N49.7 trillion to N54.2 trillion to boost critical economic sectors and infrastructure projects.
Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, confirmed the adjustment after President Bola Tinubu urged the National Assembly to raise the budget by N4.53 trillion, citing additional revenues generated by government agencies.
The Federal Inland Revenue Service (FIRS) contributed N1.4 trillion, the Nigeria Customs Service N1.2 trillion, and other government-owned enterprises N1.8 trillion to the increased revenue.
The additional funds will strengthen the Bank of Agriculture (BoA) and Bank of Industry (BoI), enhance diversification in the solid minerals sector, and support projects under the Renewed Hope Infrastructure Fund.
Senate President Godswill Akpabio referred the request to the Senate Committee on Appropriations, with expectations that the budget will be reviewed and passed this month.
President Tinubu’s letter of request was entitled: “2025 Appropriation Bill – Allocation of additional revenue of N4.53trillion”.
It reads in part: “I am writing to inform you of the availability of additional revenue amounting to N4,530,479,970,637 and to propose its allocation within the 2025 Appropriation Bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations.”
He stated that the additional revenue was sourced from key agencies and represents a pivotal opportunity to address critical challenges and advance the development agenda.
They include Government-Owned Enterprises (GOEs), N1,823,879,970,637 and FIRS, N1,497,600,000,000, which represent the Federal Government’s 52 per cent share of the increase in revenue from N22.1 trillion to N25.1 trillion.
The President said the Nigerian Customs Service (NCS) generated an additional N1,209,000,000,000, representing the Federal Government’s 52 per cent share of the increase in revenue from N6.5 trillion to N9.0 trillion.
With this additional revenue, the 2025 Appropriation Bill’s total budget size rose from N49.7 trillion to N54.2 trillion.
President Tinubu said the increase demonstrates his administration’s “commitment to inclusive growth and security”.
He added: “I propose that these funds be allocated to the following transformative expenditure areas:
“Solid minerals sector – N1 trillion: 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.
“Recapitalisation of the Bank of Agriculture (BoA) – N1.5 trillion: to transform Nigeria’s agricultural landscape, ensure food security, and empower smallholder farmers and agribusinesses.
