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By Salif Atojoko
Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, has mentioned the N4.5 trillion further income within the 2025 finances would help the diversification programme of the President Bola Tinubu administration.
The minister mentioned this whereas talking to State House Correspondents on Wednesday in Abuja.
Bagudu mentioned the N4.5 trillion further income can be used to strengthen the Bank of Agriculture, Bank of Industry and help the diversification programme by placing more cash within the stable minerals sector in addition to infrastructure initiatives.
“You will recall Mr President submitted a N49 trillion finances to the National Assembly and legislative work commenced.
“The legislative work continued with interactions between the manager and the National Assembly, and the National Assembly and the Economic Management Team continued to interrogate all of 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,” mentioned the minister.
He mentioned the Federal Inland Revenue Service confirmed that the government-owned enterprises in addition to the Customs Service may contribute extra income.
“So, further income 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,” mentioned Bagudu.
On the Medium Term Expenditure Framework (MTEF) adjustment, he mentioned, even when the finances 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 mentioned. (NAN) (www.nannews.ng)
Edited by Bayo Sekoni