The Minister of Budget and Economic Planning, Senator Atiku Bagudu, has explained the rationale behind the upward revision of Nigeria’s 2025 budget.
President Bola Tinubu, on Wednesday, requested the National Assembly to increase the budget from N49.7 trillion to N54.2 trillion, citing improved revenue projections.
Speaking to journalists at the Nnamdi Azikiwe International Airport as he saw the president off to France, Senator Bagudu said that appropriation, planning, and finance committees collaborated with the executive to identify additional revenue sources.
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He revealed that agencies such as the Federal Inland Revenue Service, government-owned enterprises, and the Customs Service could generate an extra N4.5 trillion.
President Tinubu has directed that the additional funds be channeled to strengthening the Bank of Agriculture and Bank of Industry, expanding investments in solid minerals to drive economic diversification, and financing critical infrastructure projects nationwide. The revised budget also aims to cut inflation from 34.6% to 15% and stabilise the naira at N1,500 per dollar.
Minister of Budget and Economic Planning Explains Rationale Behind 2025 Budget Revise N54.2 Trillion
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