The Nigerian government has made significant adjustments to its 49 trillion naira budget following extensive legislative deliberations between the executive branch and the National Assembly. Senator Atiku Bagudu revealed that during these discussions, multiple committees, including the Senate Committee on Appropriation, National Planning, and Finance, identified additional revenue streams amounting to over 4.5 trillion naira.
Bagudu noted that the Federal Inland Revenue Service (FIRS) confirmed its ability to generate more revenue than initially estimated, while government-owned enterprises and the Nigeria Customs Service also committed to contributing more to national revenue. This additional funding is expected to be channeled into strengthening key sectors such as the Bank of Agriculture, Bank of Industry, solid minerals, and infrastructure projects as part of the government’s diversification agenda.
Additionally, Bagudu pointed out that the Medium-Term Expenditure Framework (MTEF) had been amended to reflect the revised budgetary figures. He emphasized that the approved MTEF initially aligned with a budget of less than 49 trillion naira and that its consequential amendment would follow to ensure coherence in fiscal planning.
These developments underscore the government’s commitment to optimizing revenue generation and ensuring strategic allocations that bolster Nigeria’s economic resilience and growth.
