President Bola Tinubu’s plan to raise the 2025 budget from N49.7 trillion to N54.2 trillion has received support from the House of Representatives.
Additional revenue from important government agencies, such as the Nigeria Customs Service (N1.2 trillion), the Federal Inland Revenue Service (N1.4 trillion), and other government-owned agencies (N1.8 trillion), is what is driving this action.
The House Deputy Spokesman, Hon. Philip Agbese, told reporters in Abuja that the legislature is prepared to help the president provide Nigerians with the benefits of democracy.
“The President’s proposal to amend the 2025 budget, which aims to increase the allocation to ₦54.2 trillion,” he said, was welcomed by the House of Representatives.
This audacious action, which was motivated by more revenue from important government departments, shows the administration’s dedication to reviving the economy and enhancing Nigerians’ quality of life.
He pointed out that the country’s journey toward food security will be greatly aided by concentrating on vital industries, especially agriculture.
As we examine the proposal’s specifics, we’re especially delighted by its emphasis on key industries like agriculture, which would benefit greatly from the funding infusion into the Bank of Agriculture.
This program might improve food security, encourage rural development, and empower our farmers.
Additionally, we took note of the proposal’s focus on strengthening national security, namely the building of barracks for our military.
The administration’s commitment to safeguarding our country and its citizens is demonstrated by this investment in the infrastructure and well-being of our troops,” he continued.
He also gave Nigerians his word that Speaker Tajudeen Abbas’s 10th House would do everything in its power to guarantee that a budget that is both economical and effective is implemented in the fiscal year 2025.
“We will remain 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,” Agbese promised.
The National Assembly is expected to debate the budget estimates in the coming weeks, with passage anticipated before the end of the month.
In a letter that was read aloud on the Senate and House of Representatives floors on Wednesday, President Tinubu based his request to raise the budget proposal on more money coming in from important government agencies.
The letter claims that N1.4 trillion was generated by the Federal Inland Revenue Service, N1.2 trillion by the Nigeria Customs Service, and N1.8 trillion by other government-owned organizations.