Sen Abubakar Bagudu, the Minister of Budget and Economic Planning, has said the N4.5 trillion additional revenue in the 2025 budget would support the diversification programme of the President Bola Tinubu administration.
The minister said this while speaking to State House Correspondents on Wednesday in Abuja.
Bagudu said the N4.5 trillion additional revenue would be used to strengthen the Bank of Agriculture, Bank of Industry and support the diversification programme by putting more money in the solid minerals sector as well as infrastructure projects.
“You will recall Mr President submitted a N49 trillion budget to the National Assembly and legislative work commenced.
“The legislative work continued with interactions between the executive and the National Assembly, and the National Assembly and the Economic Management Team continued to interrogate all the figures.
“In that process, the Senate Committees on Appropriation, National Planning and Finance established that we can generate more revenue by tasking all the institutions to do more,” said the minister.
He said the Federal Inland Revenue Service confirmed that the government-owned enterprises as well as the Customs Service could contribute more revenue.
“So, additional revenue amounting to over N4.5 trillion was established, and this was taken to the President.
“He guided that this additional revenue be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification programme by putting more money in the solid minerals sector as well as infrastructure projects,” said Bagudu.
On the Medium Term Expenditure Framework (MTEF) adjustment, he said, even when the budget was submitted, the MTEF was amended.
“The MTEF that was initially approved was for a budget of less than N49 trillion. So, it goes together and so the consequential amendment to the MTEF will certainly follow,” he said. (NAN)
