President Bola Tinubu has increased the proposed budget size for 2025 from N49.7trillion that was presented to the joint session of the National Assembly in December 2024 to N54.2trillion .
President Tinubu communicated the proposed increase in the budget size through a letter sent to the Senate .
One of the letters revealed a proposed allocation of additional revenue of N4.53 trillion to the 2025 appropriations Bill .
The President in the letter says the increase was derived from an additional N1.4trilliion revenue made by the Federal Inland Revenue Service ( FIRS ) , N1.2trillion made by the Nigeria Customs Service , and N1.8trilliion generated by some other Government Owned Agencies .
The proposed funds will be allocated to transformative expenditure areas such as the solid Minerals Sector , recaptalisation of the Bank of Agriculture, recaptalisation of the Bank of industry and critical infrastructure projects.
In a separate interview, The minister of Budget and economic planning also explains how the added funds will be allocated.
Senator Godswill Akpabio commended President Tinubu for his efforts in updating the National Assembly of the new arrangement, the senate believes the increased allocation is confirmation of the Administration’s dedication in fostering inclusive growth, addressing security challenges and ensuring prosperity.
