Bagudu Explains Why Tinubu Increased the Proposed 2025 Budget

 

President Bola Tinubu has increased the proposed 2025 budget from N49.7 trillion to N54.2 trillions. The increase is due to additional revenue inflows from the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other Government-Owned Enterprises (GOEs).

The Minister of Budget and National Planning, Atiku Bagudu, explained that these additional revenues, amounting to over N4.5 trillion, will be used to strengthen the Bank of Agriculture and the Bank of Industry, support economic diversification through increased investment in the solid minerals sector, and finance infrastructure projects[3]. President Tinubu initially presented a N49 trillion budget to the National Assembly, which prompted legislative scrutiny and discussions between the executive and the economic management team. The Senate Committees on Appropriation, National Planning, and Finance determined that Nigeria could generate more revenue by encouraging all institutions to enhance their revenue collection efforts.