Connect with us

Business & Economy

Tinubu jerks up proposed 2025 budget from N49.7trillion to N54.2trillion …As NASS promises to pass the budget before the end of February

Published

on

 

George Mgbeleke,Abuja

President Bola Tinubu has increased the proposed total budget size for 2025 from N49.7teillion he presented to the joint session of the National Assembly on December 18, 2024 to N54.2trillion .

President Tinubu announced an increase in the proposed budget size through separate letters forwarded to both the Senate and the House of Representatives .

The President in the letter read during plenary in the Senate by Senator Godswill Akpabio , said the increase arose from N1.4trilliion additional revenues made by the Federal Inland Revenue Service ( FIRS ) , N1.2trillion made by the Nigeria Customs Service , N1.8trilliion generated by some other Government Owned Agencies .

The President of the Senate consequently directed the request to the Senate Committee on Appropriations for expeditious consideration and declared that the budget consideration , would be concluded and passed before the end of this month.

President Tinubu’s letter to the President of the Senate on the breakdown of the additional revenue to the 2025 budget reads as follows,”I am writing to inform you of the availability of additional revenue amounting to N4,530,479,970,637 and to propose its allocation within the 2025 Appropriation Bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations.

(1)Additional Revenue Breakdown:

This additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda:

Government-Owned Enterprises (GOES): N1,823,879,970,637

Federal Inland Revenue Service (FIRS): N1,497,600,000,000

(2) Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N25.1 trillion_

Nigerian Customs Service (NCS): N1,209,000,000,000

(Federal Government’s 52% share of the increase in revenue from N6.5 trillion to N9.0 trillion)

With this additional revenue, the 2025 Appropriation Bill’s total budget size will increase from N49.7 trillion to N54.2 trillion, demonstrating our commitment to inclusive growth and security.

(3) Proposed Allocation of Additional Revenue:

I propose that these funds be allocated to the following transformative expenditure areas:

i. Solid Minerals Sector-N1 trillion. To support economic diversification by unlocking the potential of Nigeria’s vast solid mineral resources, which remain an untapped revenue stream and a vital pillar of non-oil growth.

Re-capitalization of the Bank of Agriculture (BoA) N1.5 trillion: To transform Nigeria’s agricultural landscape, ensure food security, and empower small holder farmers and agribusinesses.

Re-capitalization of the Bank of Industry (Bol) N500 billion To provide critical support to small and medium enterprises (SMEs), drive local manufacturing, and reduce dependence on imports

iv Critical Infrastructure Projects (RHID Fund) – N1.5 trillion. Allocated as follows:

a Irrigation Development (through River Basin Development Authorities): N380 billion.

b. Transportation Infrastructure (roads and rail): N700 billion (300 billion for the construction and rehabilitation of critical roads and 400 billion for light rail network development in urban centers),

c. Border Communities Infrastructure: N50 billion,

d. Military Barracks Accommodation: N250 billion, and

e. Military Aviation: N120 billion.

(4) Justifications for Allocations:

i. Solid Minerals Sector – N1 trillion

a Economic Resilience: Reduces reliance on volatile oil sector by creating alternative revenue streams.

b. Regional Equity. Encourages development in resource-rich, underserved areas, boosting rural economies.

c. Value Addition: Supports processing and export of minerals, increasing foreign exchange earnings.

ii. Bank of Agriculture Recapitalization – N1.5 trillion

a. Food Security: Empowers smallholder farmers and agribusinesses, improving access to affordable credit.

b. Economic Growth: Enhances agricultural productivity and supports agro-industrial value chains.

c. Export Competitiveness: Promotes the export of high-value crops, reducing pressure on the Naira.

Bank of Industry Recapitalization – N500 billion

a. SME Empowerment. Provides affordable financing for innovation and entrepreneurship.

b. Job Creation: Drives industrial growth and supports local manufacturing, reducing unemployment

c. Revenue Growth: Expands the tax base through industrial expansion.

iv. Critical Infrastructure (RHID Fund) – N1.5 trillion

a. Irrigation Development: N380 billion will strengthen Nigeria’s capacity for year-round agricultural production, ensuring water security and boosting food supply.

b. Transportation Infrastructure: N700 billion will modernize Nigeria’s road and rail networks, reducing costs, enhancing connectivity, and supporting economic activity.

c. Border Communities Infrastructure: N50 billion will improve living standards and enhance the security of border regions, fostering stability and cross-border trade.

d. Military Barracks Accommodation: N250 billion will provide modern and expanded housing for personnel, boosting morale and operational readiness

e. Military Aviation: N120 billion will modernize Nigeria’s aviation capabilities, ensuring the military remains responsive to emerging security challenges.

(4). A Philosophical Case for Military Expenditure:

The foundation of a thriving nation lies in its ability to protect its citizens. No infrastructure, no innovation, and no progress can be enjoyed or sustained without security. The government has a constitutional obligation to secure lives and property, and military expenditure is not merely a fiscal decision-it is a moral imperative. By investing in our armed forces, we affirm our resolve to end terrorism, safeguard the dignity of our people, and create conditions for economic prosperity. This budget reflects not only our commitment to securing Nigeria today but to building a future where every citizen can live and thrive without fear.

)5)Broader Justification:

This allocation framework underscores the Administration’s dedication to fostering inclusive growth, addressing security challenges, and building resilience into Nigeria’s economic fabric. These investments will:

i. Promote Stability By addressing critical infrastructure deficits, especially in underserved regions, and strengthening national security

ii. Diversify Revenue: By investing in agriculture, solid minerals, and manufacturing. reducing over-reliance on oil revenues.

iii. Catalyze Economic Growth: By enhancing infrastructure, supporting SMEs, and unlocking Nigeria’s vast economic potential.

Tinubu finally requested the Senate for Integration of the additional revenue to the,2025 appropriation Bill.

“I urge the National Assembly to adopt and integrate these proposals into the 2025 Appropriation Bill, reflecting our shared commitment to national development. Kindly let me know if additional information or clarification is required,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

Bayelsa Solicits Cooperation Of Business Community in Fight Against Fake Products …. Says Gas Turbines Will Reduce Cost Of Doing Business in the State.

Published

on

By

Deputy Governor of Bayelsa State Bayelsa senator Lawrence Ewhrudjakpo flanked by Mega Entrepreneurs Forum

By David Owei, Bayelsa

The Bayelsa State Government has called on the business community in the state to support its efforts at fighting the proliferation of fake and adulterated products that are being distributed and sold to consumers within and outside the state.

The Deputy Governor, Senator Lawrence Ewhrudjakpo, made the call at the weekend when the Bayelsa Mega Entrepreneurs Forum paid him a courtesy visit in Government House, Yenagoa.

The Deputy Governor, who described the mega entrepreneurs as the backbone of the economy of the State, however, noted that they have a critical role to play to checkmate the marketing and distribution of fake and expired goods and products which portend danger to the populace.

While encouraging the entrepreneurs to always pay their taxes to government as required by law, Senator Ewhrudjakpo, assured that the concerns raised by the group, especially the issue of multiple taxation, would be appropriately addressed.

He informed that government had prioritized the twin issues of security and power as key drivers of business and economic development, hence it had invested heavily in the security architecture of the State.

Describing power generation as the major component of the cost of doing business in the country, he further assured the Bayelsa business community that the State Government was working assiduously to meet up the December deadline for the full operation of its new gas turbine plant to solve the problem of epileptic electricity supply.

The Bayelsa number two Man equally called on the big entrepreneurs to extend their various businesses to the rural areas to stimulate a balanced economic growth in every part of the state, and not just in the capital city alone.

On the forthcoming Bayelsa Mega Entrepreneurship Summit, he said government was on top of it and would leave no stone unturned to make it a huge success.

His words: ” It is good to see that you have come together to form a group. Your coming together will do a lot of good for our state. You are a pillar to the economy of Bayelsa State.

“We believe that every good government should create the enabling environment for entrepreneurs to thrive. That is why the ASSURED Prosperity Government is taking the most important to the least. We have improved our security architecture to secure lives and property because without security, nobody can comfortably do business.

“After security, the next thing is power for businesses to thrive. Power generation to sustain business is highly capital-intensive. But very soon, there will be relief as government is working round the clock on the December deadline.

” As a government, we want to encourage you to moderate your businesses, and pay taxes as at and when due. There is also the issue of fake and adulterated products in the State. We need your support and cooperation in the fight to checkmate the proliferation of fake products being sold in the state.”

Earlier in a remark, the Technical Adviser to the Governor on Entrepreneurship Development, Mrs. Charity Kens-Godwin, explained that the visit was intended to create an opportunity for the Bayelsa Mega Entrepreneurs to interface with government.

While reminding the Deputy Governor of the Bayelsa Mega Entrepreneurship Summit that is due in a week’s time, Mrs Kens- Godwin applauded him for his good disposition towards the business community, especially on the issue of multiple taxation.

Also, the CEO of Ayalla Hotels, Chief Ayalla Robert Enogha, thanked the state government for taking the bull by the horn through the acquisition of the gas turbines to stabilize power supply in the state, noting that the cost of diesel consumes a huge chunk of profits from businesses operating in the state.

Chief Ayalla, who extolled government for creating the platform through the office of the Technical Adviser on Entrepreneurship Development, however, pleaded with government to look into the issue of multiple taxation as well as high levies being imposed on truck drivers bringing goods into the state, which translates to higher prices and cost of living.

Continue Reading

Business & Economy

Vehicle Manufacturers, Innoson, To Build CNG Plant In Bayelsa

Published

on

By

Gov Douye Diri of Bayelsa State (middle),Managing Director and Chief Executive Officer, Chief Innocent Chukwuma,(right) flanked by Innoson motors staff

By David Owei,Bayelsa

Nigerian vehicle manufacturers, Innoson Vehicles Manufcturing (IVM) Limited, has disclosed plans to establish a Compressed Natural Gas (CNG) assembly plant in Bayelsa State.

The Managing Director and Chief Executive Officer, Chief Innocent Chukwuma, stated this on Monday when he visited Governor Douye Diri in Government House, Yenagoa.

The Innoson CEO said the investment would boost the state’s transportation sector as well as provide training and create jobs.

He stated that the initiative will also promote cleaner and greener environment and enhance the country’s capacity to meet its renewable energy target by 2030.

In his presentation, the company’s Corporate Communications Manager, Mr. Kamsi Ejiofor, explained that the objective is to introduce modern CNG buses, ambulances and vehicles that would enhance mobility and public efficiency in the state.

According to him, the plant will generate 1000 jobs and thousands of direct opportunities in assembly, maintenance, logistics and local manufacturing as well as boosting Bayelsa’s economy by enhancing its industrial base.

Ejiofor said: “The usage of CNG vehicles will save cost from fuel and maintenance, improve health, cleaner air and lead to innovation in Bayelsa, making the state a clean energy and tech pioneer in Nigeria.”

Responding, Bayelsa State Governor, Senator Douye Diri, commended Chief Chukwuma for the decision to site the the CNG conversion plant in the state, noting that the investment would help grow Bayelsa’s industrial base.

While expressing his administration’s commitment to collaborate with the vehicle firm, Senator Diri described the initiative as a welcome development towards moving the state’s economy from consuming to production.

The governor, who said the investment was timely, noted that procurement of CNG vehicles was in the state government’s budget projection for 2026 and expressed delight over the economic impact of such investment, particularly in the area of job opportunities.

The state’s helmsman noted that his administration was putting in place the necessary infrastructure to support investments in Bayelsa and urged other investors to emulate Innoson to invest in the state.

“It is a welcome development for CNG vehicles plant to be sited in Bayelsa. We are ready to partner with you.

“One area that l am interested in is the CNG aspect. The world is moving towards renewal energy because of environmental pollution.

“My administration was considering purchasing CNG buses to run our upland transport system. Your coming is timely because it is part of our projections for 2026.

“I assure you that we are putting in place the right environment to enable investments thrive in terms of peace and security, infrastructure and our independent power supply, which will ensure uninterrupted electricity.”

Diri also announced an implementation committee to interface with the company.

The committee has Secretary to the State Government, Prof. Nimibofa Ayawei as chairman while other members are the Commissioner for Trade and Investment, Jones Ebieri, his Information and Finance counterparts, Mrs Ebiuwou Koku-Obiyai and Maxwell Ebibai respectively.

Others are the Commissioner for Justice and Attorney-General, Biriyai Dambo (SAN),
Preye Broderick (Transport), Mazi Johnson Onuma (General Duties), as well as the Special Adviser on Investment, Owanari Harry, and the
Technical Adviser on Entrepreneurship, Charity Kens Godwin.

Continue Reading

Business & Economy

Anua Offot Market builds eight new public convenience, Village Head, Market Chairman lauds NYSC, NEMA on market sanitation

Published

on

By

village head of Anua Offot, Uyo Local Government Area, Chief Linus Inyang flanked by NYSC Members and officials

 

By Emmanuel Ikpe

The village head of Anua Offot, Uyo Local Government Area, Chief Linus Inyang had commended effort of the Anua Offot Market Management Committee for working tirelessly to provide convenience to market women and visitors to the market alike.

Chief Linus Inyang gave the commendation while cutting the tape to open the newly built public convenience for use at the weekend, while expressing confidence in the market management team for doing everything possible to uplift the standard of living of people in the market, expressed the determination to continue to attend to the plight of those selling at the market square.

The Village Head has also commended the Community Development Service Team of the Nigeria Youth Service Corp, NYSC for choosing Anua Offot Market to carryout their practical assignment by cleaning the market, which he described it as lovely.

Speaking, the President of Environmental Protection Service Group of the NYSC, Afasare Precious, said they were at the market to sensitized the traders on waste management and control in order to keep health of the market environment high and this has been demonstrated with the general cleaning of the market square.

The President of Disaster Management Team of the NYSC, Akinwumi Ayomide said they came under the supervision of National Emergency Management Agency NEMA, and the Environmental Sanitation CDS Group, to sensitized the market women on proper waste management and flood control, and was pleased that the women hearken to the exercise.

“We came to tell the market women that if the don’t disposed their waste properly, it would lead to blockage of drainage and flooding and we don’t wished anyone to experience flood no matter how little it maybe”, she stated.

Meanwhile, the chairman of the Anua Offot Market Management Committee, Mr Ransom Unung has appreciated the NYSC, NEMA and her team for choosing the market as their place of practical assignment and for NEMA for the orientation given to the market women on waste management and flood control while describing the exercise as very important and a necessity, he laud the market women for keying into the development. Unung appreciated the village head for giving him opportunity to served in that capacity, to interpret his dream and vision to the market women, promised to double up his efforts in his services to his people and his government.

Speaking earlier, Yellow-Duke Offiong, a Disaster Rok Officer of NEMA reiterated the agency continuous commitment to work with the NYSC and relevant government agencies to carryout awareness campaign on proper waste management and flood control and it effects on environment and human live.

Continue Reading

Latest

Law & Crime2 hours ago

Tension, fear, grip Abuja residents as Police, soldiers threaten FreeNnamdiKanuNow Protesters with tear-gas, live bullets causing standpid, gridlock in FCT

By Our Correspondent Abuja experienced significant disruptions(today)Monday due to the the FreeNnamdiKanuNow protest led by Omoyele Sowore. The situation is...

Politics3 hours ago

HURIWA Slams FG, IGP, Army Chief for Turning Abuja Into War Zone Over Peaceful Pro-Kanu Protest

By George Mgbeleke The Human Rights Writers Association of Nigeria (HURIWA) has come down heavily on the Federal Government, the...

Politics21 hours ago

When Transparency Becomes Luxury: INEC and ₦1.5B FOI Controversy

When Transparency Becomes Luxury: INEC and ₦1.5B FOI Controversy By Chike Walter Duru When the Independent National Electoral Commission (INEC)...

Politics22 hours ago

ICON Hon. (Chief) Amobi Godwin Ogah, a Distinguished Nigerian and An ICON

ICON Hon. (Chief) Amobi Godwin Ogah, a Distinguished Nigerian and An ICON By IGNATIUS OKOROCHA Hon (chief) Amobi Godwin Ogah...

Law & Crime23 hours ago

HURIWA Hails Nigerian Military for Arrest of ‘Gentle de Yahoo,’ Kingpin of South-East Terror Network, …. Calls for Improved military Civil affairs

…. Calls for Improved military Civil affairs By Our Correspondent The Human Rights Writers Association of Nigeria (HURIWA) has commended...

Politics23 hours ago

ADC to APC: No Number of Defections Can Save You in 2027

By George Mgbeleke The African Democratic Congress (ADC) has reacted to comments made by the APC National Chairman, Dr. Nentawe...

Law & Crime23 hours ago

FreeNnamdiKanuNow campaign : MASSOB spits fire, warns Police don’t touch our leader….as police invites Uwazuruike

By Our Correspondent Ahead of the planned #FreeNnamdiKanuNow campaign protest slated for Monday, 20 October, the leadership of Biafra Independence...

Politics23 hours ago

Osun APC is a Threat to the Judiciary & Democracy, Alleged Bribery of NULGE Leadership Baseless – Adeleke’s Spokesperson

By David Owei Osun state chapter of the All Progressives Congress is a strong threat to democracy and the sanctity...

Business & Economy23 hours ago

Bayelsa Solicits Cooperation Of Business Community in Fight Against Fake Products …. Says Gas Turbines Will Reduce Cost Of Doing Business in the State.

By David Owei, Bayelsa The Bayelsa State Government has called on the business community in the state to support its...

Politics1 day ago

UNYF tasks new INEC chair, Amupitan on voter accessibility, transparency

By Abdul-Ganiyy Akanbi   Worried that millions of eligible Nigerians remain disenfranchised due to administrative bottlenecks and the limited accessibility...

Trending