Federal Government has explained that the increase of the 2025 budget from N49.7 trillion to N54.2 trillion was to have more revenue to strengthen the Bank of Agriculture.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, disclosed this to journalists shortly after seeing off President Bola Tinubu at the Nnamdi Azikiwe Airport, Abuja, en route France.
An additional N4.5 trillion was added to the 2025 Appropriation Bill which is pending at the National Assembly for consideration and passage.
Explaining on the reason behind the upward adjustment to the budget figure, the Minister said it was established that the government-owned enterprises including the Nigeria Customs Service, NCS, can contribute more revenue.
He said: “You will recall Mr President submitted 49 trillion naira budget to the National Assembly and legislative work commenced.
“The legislative work continued with interactions between the executive and the national assembly. The National Assembly and the Economic Management Team continued to interrogate all figures.
“In that process, the senate committee on appropriation, senate committee on national planning, senate committee on finance established that we can generate more revenue by tasking all the institutions to do more and the federal inland revenue service confirmed the ability to do more than was submitted.
“Equally, it was establish that the government-owned enterprises can contribute more revenue, as well the Customs Service. So additional revenue amounting to over 4.5 trillion naira was established and this was taken to the President.
“Aand guided that this additional revenue should be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification program by putting more money in the solid minerals sector as well as infrastructure projects.”
On the adjustment of the Medium Term Expenditure Framework, MTEF, Senator Bagudu said: “Recall that even when the budget was submitted, MTEF was amended. The MTEF that was initially approved was for a budget of less than 49 trillion naira so it goes together and so the consequential amendment to the MTEF will certainly follow.”
