REPS SUPPORT TINUBU'S REVISED N54.2tn 2025 BUDGET

Read Time:2 Minute, 12 Second

The House of Representatives has given its backing to President Bola Tinubu’s proposal to increase the 2025 budget from N49.7 trillion to N54.2 trillion.

This move is driven by additional revenue generated by key government agencies, including N1.4 trillion from the Federal Inland Revenue Service, N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government-owned agencies.

Addressing journalists in Abuja, the House Deputy Spokesman, Hon. Philip Agbese expressed the readiness of the legislative body to assist the President in delivering the dividends of democracy to Nigerians.

He said, “The House of Representatives welcomes the President’s proposal to revise the 2025 budget, which seeks to increase the allocation to ₦54.2tn This bold move, driven by additional revenue from key government agencies, demonstrates the administration’s commitment to revitalizing the economy and improving the lives of Nigerians.”

He noted that the focus on critical sectors particularly agriculture, will play a key role in the nation’s march to food security.

“As we delve into the details of the proposal, we’re 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. This initiative has the potential to empower our farmers, stimulate rural development, and enhance food security.

“We also noted the proposal’s emphasis on enhancing national security, particularly the construction of barracks for our troops. This investment in our military’s welfare and infrastructure attests to the administration’s dedication to protecting our nation and its citizens, ” he added.

READ ALSO:

WELL-MEANING NOT ENOUGH, FAYEMI TELLS TINUBU

He further assured Nigerians that the 10th House under the leadership of Speaker Tajudeen Abbas will go the whole distance to ensure a value-for-money budget is implemented in the 2025 fiscal year.

“As we begin our scrutiny of the proposal, we’ll 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.

President Tinubu had in a letter read on the floor of the Senate and House of Representatives on Wednesday, premised the request to increase the budget proposal to additional revenue generated by key agencies of government.

According to the letter, the Federal Inland Revenue Service generated N1.4tn, the Nigeria Customs Service generated N1.2tn while the sum of N1.8tn was generated by other government-owned agencies.

The National Assembly is expected to debate the budget estimates in the coming weeks, with passage anticipated before the end of the month.