A letter from President Bola Ahmed Tinubu to the National Assembly requesting the increase was read at plenary yesterday by the President of the Senate, Senator Godswill Akpabio. The letter was titled, “2025 Appropriation Bill: Allocation of Additional Revenue of N4.53trillion.”
According to Akpabio, the increase arose from N1.4 trillion in additional revenues from the Federal Inland Revenue Service, FIRS; N1.2 trillion made by the Nigeria Customs Service, NCS; and N1.8 trillion generated by some other government-owned agencies.
Consequently, he directed the request to the Senate Committee on Finance and Appropriations for expeditious consideration and declared that the budget consideration would be concluded and passed before the end of this month.
The letter reads: “I am writing to inform you of the availability of additional revenue amounting to N4.5 trillion 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.”
President Tinubu, who noted that the additional increase to the budget will give opportunity for government to address Nigeria’s critical challenges, said: “This additional revenue sourced from key agencies represents a pivotal opportunity to address Nigeria’s critical challenges and advance her development agenda.
‘’This additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance her development agenda: Government-Owned Enterprises (GOES): N1,823,879,970,637; Federal Inland Revenue Service, FIRS, N1,497,600,000,000; (Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N25.1 trillion_
Nigerian Customs Service (NCS): N1,209,000,000,000 (Federal Government’s 52% share of the increase in revenue from N6.5 trillion to N9.0 trillion)
“With this additional revenue, the 2025 Appropriation Bill’s total budget size will increase from N49.7 trillion to N54.2 trillion, demonstrating our commitment to inclusive growth and security.
“Proposed Allocation of Additional Revenue: I propose that these funds be allocated to the following transformative expenditure areas: Solid Minerals Sector-N1 trillion.