By Christiana Ekpa
President Bola Ahmed Tinubu has proposed the allocation of an additional N4.53 trillion in the 2025 Appropriation Bill, increasing the total budget size from N49.7 trillion to N54.2 trillion.
In a letter addressed to Speaker Tajudeen Abbas and read by Deputy Speaker Benjamin Kalu during the House of Representatives’ plenary session on Wednesday, the President detailed the sources and intended uses of the extra revenue.
The additional revenue comes from key government agencies, including Government-Owned Enterprises (GOEs), which will contribute N1.82 trillion.
The Federal Inland Revenue Service (FIRS) will provide N1.49 trillion, representing 52 percent of the increase in projected revenue from N22.1 trillion to N25.1 trillion.
The Nigeria Customs Service (NCS) will generate N1.2 trillion, also reflecting 52 percent of the increase in projected revenue from N6.5 trillion to N9 trillion.
The President outlined strategic sectors where the funds would be directed, focusing on economic diversification, infrastructure, and national security.
He said a total of N1 trillion will be allocated to the solid minerals sector to unlock Nigeria’s vast mineral resources and reduce reliance on oil.
This investment will help develop rural areas rich in minerals and boost foreign exchange through mineral exports, Tinubu said.
The Bank of Agriculture (BoA) will receive N1.5 trillion for recapitalization to enhance food security by providing affordable loans to farmers.
He said this will support agro-industrial value chains and encourage the export of high-value crops to stabilize the naira.
To support industrial growth and small businesses, he said the Bank of Industry (BoI) will be recapitalized with N500 billion.
This, he said, will provide financing for small and medium enterprises (SMEs), create jobs, and expand Nigeria’s tax base through industrial expansion.
According to the letter, a total of N1.5 trillion will be directed toward critical infrastructure projects under the RHID Fund. N380 billion will be allocated to irrigation development to ensure year-round farming and food supply.
It stated that N700 billion will go toward modernizing Nigeria’s road and rail networks, with N300 billion for road rehabilitation and N400 billion for developing light rail systems in urban areas.
It indicated that N50 billion will be invested in border communities to improve living conditions and security. N250 billion will be used to build modern accommodation for military personnel, while N120 billion will be allocated to upgrading Nigeria’s military aviation capabilities.
In justifying the military spending, Tinubu stressed that security is fundamental to national development.
He argued that investments in the armed forces are not just budgetary allocations but a moral obligation to protect Nigerians.
“No infrastructure, no innovation, and no progress can be enjoyed or sustained without security,” the President stated.
Beyond security, Tinubu emphasized that the additional funds would promote stability by addressing infrastructure gaps, diversify revenue beyond oil through agriculture, mining, and manufacturing, and catalyze economic growth by supporting SMEs, farmers, and industrialization.
Tinubu urged the House of Representatives to integrate the proposed allocations into the 2025 Appropriation Bill, underscoring a shared commitment to national development. He invited lawmakers to seek further clarification if necessary.
