Citing increased revenue from important government institutions, the House of Representatives has endorsed President Bola Tinubu’s plan to raise the 2025 national budget from ₦49.7 trillion to ₦54.2 trillion.
The action follows ₦1.4 trillion in new revenue from the Federal Inland Revenue Service (FIRS) and ₦1.2 trillion from Nigeria Customs.
₦1.8 trillion from other government-owned organizations, as well as service.
Speaking to reporters in Abuja on Thursday, the Deputy Spokesman for the House, Hon. Philip Agbese said he was prepared for the
legislative body 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 dedication to reviving the economy and enhancing the quality of life for Nigerians is demonstrated by this audacious action, which was motivated by increased revenue from important government agencies, Agbese said.
Agbese emphasized that the updated budget prioritizes important areas, namely national security and agriculture.
The emphasis on key industries, like agriculture, which will gain a substantial boost from the funding infusion into the Bank of Agriculture, is especially encouraging. “This program has the potential to improve food security, empower our farmers, and spur rural development,” he stated.
The legislator added that building additional barracks for military troops is one of the ways that the budget increase will be used to improve national security.
“The administration’s commitment to safeguarding our country and its citizens is demonstrated by this investment in the infrastructure and well-being of our military,” he continued.
Agbese gave Nigerians his word that the 10th House, under by Speaker Tajudeen Abbas, would make sure the budget was carried out effectively and openly.
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He declared, “We will continue to be guided by our commitment to ensuring that every naira is allocated efficiently, effectively, and in the best interests of Nigerians as we begin our scrutiny of the proposal.”
To Discuss Budget Estimates in the National Assembly
In the upcoming weeks, the National Assembly is anticipated to start discussing the proposed budget hike, with MPs hoping to pass it before the end of the month.
In a letter to the Senate and House of Representatives on Wednesday, President Tinubu defended the proposed budget hike by pointing to the increased money that government agencies were bringing in.
The letter states that the revenue gain consists of:
The Federal Inland Revenue Service (FIRS) provided 1.4 trillion naira.
Nigeria Customs Service, ₦1.2 trillion;
Other government-owned organizations contributed ₦1.8 trillion.
