President Bola Tinubu has announced the allocation details for the N4.52 trillion increase in the 2025 budget, raising the total budget from N49.7 trillion to N54.2 trillion. This increase aims to foster inclusive growth and ensure national security.
Key allocations include:
- N1 trillion for the solid minerals sector to promote economic diversification and exploit Nigeria’s mineral resources.
- N1.5 trillion for the recapitalization of the Bank of Agriculture (BoA), focusing on food security and supporting smallholder farmers and agribusinesses.
- N500 billion for the Bank of Industry (BoI) to boost small and medium enterprises (SMEs), drive local manufacturing, and reduce reliance on imports.
- N1.5 trillion for Critical Infrastructure Projects (RHID Fund), supporting the development of essential infrastructure in Nigeria.
- N250 billion for Military Barracks Accommodation and N120 billion for Military Aviation to enhance national security.
- Allocations for irrigation development (N380 billion), transportation infrastructure (N700 billion), and border communities infrastructure (N50 billion).
The increase is supported by additional revenue generated by agencies such as the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and other government-owned entities, totaling N4.5 trillion. This approach reduces inflationary risks as it does not rely on printing new money.
Tinubu emphasized the importance of security in achieving sustainable progress and innovation, noting that military spending is not just fiscal but a moral obligation to protect citizens and maintain stability.
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