Abuja: Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, has announced that an additional revenue of N4.5 trillion in the 2025 budget will aid the economic diversification efforts of President Bola Tinubu’s administration. This statement was made during a briefing with State House Correspondents.
According to News Agency of Nigeria, the minister emphasized that the additional funds would be allocated to strengthen pivotal sectors such as the Bank of Agriculture and the Bank of Industry. Additionally, the funds will support the diversification initiative by enhancing investments in the solid minerals sector and infrastructure projects. Bagudu highlighted that the President presented a N49 trillion budget to the National Assembly, which initiated legislative review and discussions.
The legislative process involved thorough interactions between the executive branch and the National Assembly, with the Economic Management Team playing a crucial role in scrutinizing the figures. The Senate Committees on Appropriation, National Planning, and Finance identified opportunities to generate further revenue by urging institutions to enhance their contributions. The Federal Inland Revenue Service, along with government-owned enterprises and the Customs Service, confirmed their potential to contribute additional revenue.
Bagudu stated that the realization of over N4.5 trillion in extra revenue was communicated to the President, who directed its allocation towards strengthening key economic sectors. Furthermore, regarding the Medium Term Expenditure Framework (MTEF) adjustment, Bagudu noted that the framework initially approved for a budget less than N49 trillion would undergo necessary amendments to align with the new budgetary figures.