The Nigeria’s President Bola Tinubu has requested the Senate to increase the 2025 budget by N4.5 trillion, raising the total from N49.7 trillion to N54.2 trillion, stating that the increase is necessitated because of the additional revenue generated by the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and other revenue-generating agencies of the federal government in 2024.
Penpushing reports the request was contained in a letter read by the Senate President, Senator Godswill Akpabio, during plenary on Wednesday, while it is recalled that Tinubu last December, presented N47.9 trillion budget, christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.
The budget was designed to focus on macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity, while the National Assembly has already completed the budget defence sessions for all Ministries, Departments, and Agencies (MDAs).
Penpushing further reports that the lawmakers during the sessions, raised concerns over alleged financial mismanagement, extravagant spending, and the inability of some agencies to account for their 2024 budgetary allocations.
The Senate Committee on Special Duties, for instance queried the State House for spending N3.9 billion to purchase operational vehicles and another N2 billion to replace its Sport Utility Vehicles (SUVs) in 2024.
Penpushing also reports that the National Assembly Joint Committee on Steel Development, however, raised concern about the handling of an N2 billion project earmarked for youth training in metal works by the Federal Ministry of Steel Development.
The Auditor-General’s 2024 report additionally exposed discrepancies in financial records across several ministries and agencies, but the President in justification for the increase pointed out that the Federal Inland Revenue Service (FIRS), generated an extra N1.4 trillion, while Nigeria Customs Service (NCS) contributed an additional N1.2 trillion and other agencies collectively generated N1.8 trillion.
“I am writing to inform you of the availability of additional revenue amounting to 4.5 trillion naira and to propose its allocation within the 2025 appropriation bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations,” the letter read.
Penpushing reports that the President pointed out that the additional increase to the budget will give opportunity for the government to address Nigeria’s critical challenges, explaining that this additional revenue sourced from key agencies represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda.
The President of the Senate after reading the letter directed the request to the Senate Committees on Appropriations and Finance for expeditious consideration, and assured that the increase will be implemented in the 2025 budget and would be passed by the National Assembly before the end of February for the President’s assent.
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