Tinubu Increases 2025 Budget to N54.2 Trillion, Seeks National Assembly Approval

 Additional N4.53 Trillion Allocated to Key Sectors

President Bola Ahmed Tinubu has returned to the National Assembly to request an increase in the 2025 Appropriation Bill, raising the proposed budget from N49.7 trillion to N54.2 trillion. The move underscores his administration’s commitment to economic growth, infrastructure development, and national security.

The President’s letter detailing the revised budget was read during Wednesday’s plenary session in both the Senate and House of Representatives. The proposed increase comes from additional revenue amounting to N4.53 trillion, sourced from various government agencies.

Breakdown of the Additional N4.53 Trillion Revenue

According to Tinubu, the additional revenue comes from:

✅ Government-Owned Enterprises (GOEs): N1.82 trillion

✅ Federal Inland Revenue Service (FIRS): N1.49 trillion (from increased revenue projections of N22.1 trillion to N25.1 trillion)

✅ Nigeria Customs Service (NCS): N1.2 trillion (from an increase in revenue projections from N6.5 trillion to N9.0 trillion)

How the Additional Funds Will Be Allocated

The additional N4.53 trillion will be directed towards critical sectors, including:

• Solid Minerals Development – N1 Trillion

Boosts mineral processing, enhances exports, and diversifies the economy away from oil dependence.

• Bank of Agriculture (BoA) Recapitalization – N1.5 Trillion

Expands farmers’ access to credit, strengthens agribusiness value chains, and enhances food security.

• Bank of Industry (BoI) Recapitalization – N500 Billion

Provides financing for entrepreneurs, strengthens industrial capacity, and creates jobs.

• Critical Infrastructure (RHID Fund) – N1.5 Trillion

• Irrigation Development (River Basin Authorities): N380 billion

• Roads & Rail Infrastructure: N700 billion

• Border Communities Infrastructure: N50 billion

• Military and National Security – N370 Billion

• Military Barracks Accommodation Upgrade: N250 billion

• Military Aviation Strengthening: N120 billion

Justification for the Budget Increase

President Tinubu highlighted that the additional funds are necessary to drive economic growth, improve security, and enhance infrastructure development. He emphasized that:

🔹 Expanding the solid minerals sector will boost non-oil revenue and create more jobs.

🔹 Agricultural investments will ensure food security and economic resilience.

🔹 Infrastructure projects will facilitate trade, mobility, and industrial growth.

🔹 Strengthening military capabilities will help combat terrorism and secure the nation.

National Assembly’s Response

Senate President Godswill Akpabio has directed the Senate Committee on Appropriations to review and integrate the proposed budget increase. He assured that the budget amendment would be passed before the end of February 2025 to ensure timely implementation.

As the National Assembly reviews and debates the adjustments, all eyes will be on how the funds are allocated and whether they align with Nigeria’s economic and security priorities.