President Bola Tinubu’s proposal to raise the 2025 national budget from ₦49.7 trillion to ₦54.2 trillion has received backing from the House of Representatives, which cites increased revenue from important ministries.
The action follows new revenue of 1.4 trillion Nigerian Naira from the Federal Inland Revenue Service (FIRS), 1.2 trillion from the Nigeria Customs Service, and 1.8 trillion from other government-owned enterprises.
On Thursday, House Deputy Spokesman Hon. Philip Agbese told reporters in Abuja that the legislature is prepared to assist the president in providing Nigerians with the benefits of democracy.
The President’s proposal to amend the 2025 budget, which aims to raise the allocation to ₦54.2 trillion, is welcomed by the House of Representatives. The administration’s determination to boost the economy and enhance the quality of life for Nigerians is evident in this audacious action, which was fueled by more money from important government departments, Agbese said.
The updated budget prioritizes important areas, namely national security and agriculture, Agbese emphasized.
We are also thrilled by the emphasis on key industries like agriculture, which will benefit greatly from the funding infusion into the Bank of Agriculture. This program might boost food security, encourage rural development, and empower our farmers,” he stated.
Additionally, the congressman stated that some of the increased funding will go toward improving national security, which will include building new quarters for military troops.
He went on to say, “This investment in the infrastructure and welfare of our military demonstrates the administration’s commitment to safeguarding our country and its citizens.”
Under the direction of Speaker Tajudeen Abbas, Agbese gave Nigerians his word that the 10th House would make sure the budget was carried out effectively and transparently.
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We will continue to be guided by our commitment to making sure that every naira is distributed effectively, efficiently, and in the best interests of Nigerians as we start to examine the proposal,” he stated.
The National Assembly will discuss the estimated budget.
The National Assembly is expected to begin deliberations on the proposed budget increase in the coming weeks, with lawmakers aiming for passage before the end of the month.
President Tinubu, in a letter addressed to both the Senate and House of Representatives on Wednesday, justified the proposed budget increase on the basis of the additional revenue collected by government agencies.
According to the letter, the revenue boost includes:
₦1.4 trillion from the Federal Inland Revenue Service (FIRS);
₦1.2 trillion from the Nigeria Customs Service;
₦1.8 trillion from other government-owned agencies.
