FG Reveals Why Tinubu Increased 2025 Budget From ₦49.7 Trillion To ₦54.2 Trillion

The federal government has disclosed that the 2025 budget was increased from ₦49.7 trillion to ₦54.2 trillion because there is a consensus that revenue-generating institutions concerned can raise more funds.

The Minister of Budget and Economic Planning, Atiku Bagudu, made the disclosure on Wednesday shortly after seeing off President Bola Tinubu at the Nnamdi Azikiwe Airport, Abuja, en route to France.

He explained that after crucial examination by the executive and legislative arms during the screening of the initial budget presented by Tinubu, it was discovered that government-owned enterprises, including the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS), can contribute more revenue if they are tasked with the responsibility.

He said the report was presented to President Tinubu, who adopted it, hence the additional ₦4.5 trillion, which was added to the 2025 Appropriation Bill, which is pending at the National Assembly for consideration and passage.

The Minister explained that the additional revenue would be used to further strengthen the Bank of Agriculture, Bank of Industry, and support the diversification program by putting more money in the solid minerals sector as well as infrastructure projects.

“The legislative work continued with interactions between the executive and the national assembly. The National Assembly and the Economic Management Team continued to interrogate all figures.

“In that process, the Senate Committee on Appropriation, Senate Committee on National Planning, Senate Committee on Finance established that we can generate more revenue by tasking all the institutions to do more and the federal inland revenue service confirmed the ability to do more than was submitted.

“Equally, it was established that the government-owned enterprises can contribute more revenue, as well as the Customs Service. So additional revenue amounting to over 4.5 trillion naira was established and this was taken to the President.

“Aand guided that this additional revenue should be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification program by putting more money in the solid minerals sector as well as infrastructure projects,” he said.

On the adjustment of the Medium Term Expenditure Framework, MTEF, Bagudu said: “Recall that even when the budget was submitted, MTEF was amended. The MTEF that was initially approved was for a budget of less than 49 trillion naira so it goes together and so the consequential amendment to the MTEF will certainly follow.”