The House of Representatives has thrown its weight behind President Bola Tinubu’s proposal to increase the 2025 budget from N49.7 trillion to N54.2 trillion, a move aimed at harnessing additional revenue from key government agencies to drive economic growth and development.
The National Assembly referred the proposal to the Committees on Finance and Appropriations for detailed consideration. Senate President Godswill Akpabio and Deputy Speaker Benjamin Kalu presided over the respective plenary sessions, where lawmakers discussed the request.
Deputy Spokesman of the House, Philip Agbese, affirmed the National Assembly’s readiness to endorse the President’s request, citing its alignment with the nation’s economic interests. “This initiative is not only bold but also strategically designed to secure additional revenue from key government agencies,” Agbese stated during a press briefing in Abuja on Friday.
He emphasised that the proposal underscores the administration’s commitment to revitalising the economy and improving the livelihoods of Nigerians. “We are particularly encouraged by the focus on strategic sectors, such as agriculture, which will receive a significant boost through the injection of funds into the Bank of Agriculture,” Agbese added.
The proposed budget also prioritises national security, with plans to construct barracks for military personnel. “This investment in our military’s welfare and infrastructure attests to the administration’s dedication to protecting our nation and its citizens,” Agbese noted.
Recall that OkayNg earlier reported that President Bola Ahmed Tinubu has revised the proposed 2025 budget upward, seeking ₦54.2 trillion instead of the initial ₦49.7 trillion presented to the National Assembly in December. Unexpected surges in government revenue streams account for the increase.
This development comes after both chambers of the National Assembly approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) last year, which serve as the foundation for budget planning.
Notably, the Federal Inland Revenue Service (FIRS) anticipates an additional ₦1.4 trillion in revenue, while the Nigeria Customs Service (NCS) expects to contribute ₦1.2 trillion more. Government-Owned Enterprises (GOEs) will also contribute an extra ₦1.8 trillion to the national coffers, according to revised projections.
The 10th House of Representatives, under the leadership of Speaker Tajudeen Abbas, has pledged to ensure a value-for-money budget in the 2025 fiscal year. “As we begin our scrutiny of the proposal, 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,” Agbese assured.
The proposed budget reflects a strategic approach to addressing critical national challenges, including food security and rural development. By channeling resources into agriculture, the government aims to empower farmers, stimulate rural economies, and enhance food production.
While the proposal has garnered support, its success will hinge on meticulous implementation and oversight. As the National Assembly embarks on its review, Nigerians will be watching closely to see how these ambitious plans translate into tangible benefits for the nation.
In a time of economic uncertainty, President Tinubu’s budget proposal represents a bold step toward stabilising and revitalising Nigeria’s economy. The House of Representatives endorsement signals a collaborative effort to drive progress and ensure a brighter future for all citizens.
