Minister of Budget and Economic Planning, Atiku Bagudu, has announced an upward revision of Nigeria’s 2025 budget to ₦54.2 trillion following a revenue reassessment by the National Assembly and the executive.
Speaking in Abuja, Bagudu explained that after President Bola Tinubu submitted the initial ₦49 trillion budget, legislative scrutiny revealed the potential to generate an additional ₦4.5 trillion in revenue. This increase was attributed to improved revenue projections from agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service, and other government-owned enterprises.
The minister stated that the extra revenue would be directed toward strengthening financial institutions like the Bank of Agriculture and the Bank of Industry. Additionally, funds will be allocated to support the country’s economic diversification efforts, particularly in the solid minerals sector, as well as critical infrastructure projects.
Bagudu also confirmed that adjustments would be made to the Medium-Term Expenditure Framework (MTEF) to align with the revised budget. The initial MTEF was based on a budget of less than ₦49 trillion, necessitating modifications to reflect the new fiscal projections.
The budget increase highlights the government’s commitment to boosting revenue generation and investing in key sectors to drive economic growth and diversification.
Bello Wakili
