The House of Representatives has endorsed President Bola Tinubu’s proposal to increase the 2025 budget from N49.7 trillion to N54.2 trillion.
Addressing journalists in Abuja on Friday, House Deputy Spokesman Rep. Philip Agbese expressed the legislative body’s readiness to support the President in delivering democracy’s benefits to Nigerians.
Earlier, Senate President Godswill Akpabio, and Deputy Speaker of the House of Representatives Benjamin Kalu, who presided over plenary sessions in their respective chambers, referred President Tinubu’s budget increase request to the Committees on Finance and Appropriations for consideration.
Agbese said the President’s initiative is not only bold but also driven by a quest for additional revenue from key government agencies.
He emphasized that critical sectors like agriculture will play a pivotal role in achieving food security, and assured that the 10th House, under Speaker Tajudeen Abbas’ leadership, is committed to ensuring a value-for-money budget is implemented in the 2025 fiscal year.
He said: “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. 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.”
Persecondnews recalls that 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 on additional revenue generated by key agencies of government.
According to the letter, the Federal Inland Revenue Service generated N1.4 trillion, the Nigeria Customs Service generated N1.2 trillion while the sum of N1.8 trillion was generated by other government-owned agencies.
Speaking on the increment, Sen. Abubakar Atiku Bagudu, the Minister of Budget and National Planning, clarified that the proposed increase aims to generate additional revenue, which will be utilized to bolster the Bank of Agriculture and the Bank of Industry.
Bagudu explained that the budget increase will also support the administration’s diversification program by allocating more funds to the solid minerals sector and infrastructure projects.
Leave a comment