President Bola Tinubu has requested an additional N4.5 trillion for the 2025 budget, raising the total allocation from N49.7 trillion to N54.2 trillion. The request, presented to the National Assembly, aims to enhance economic growth, job creation, and support for small and medium-sized enterprises (SMEs).
The budget, originally set at N47.9 trillion, was designed to stabilize the economy, reduce poverty, and improve business opportunities for Nigerians. With this increase, the government plans to expand investments in infrastructure, trade facilitation, and financial support for small businesses.
New Revenue to Drive Business Growth
According to President Tinubu, the budget increase is possible due to additional revenue generated by key government agencies in 2024:
- Federal Inland Revenue Service (FIRS): N1.4 trillion
- Nigeria Customs Service (NCS): N1.2 trillion
- Other revenue agencies: N1.8 trillion
This revenue boost presents an opportunity to fund critical business reforms, improve access to finance, and support SMEs in scaling operations, particularly in agriculture, manufacturing, and trade.
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What This Means for Small Businesses
For entrepreneurs and SMEs, the budget increase signals potential benefits, including:
Easier access to loans & grants for business expansion
Improved infrastructure to support trade and logistics
More government-backed programs for SME growth
Support for local production and exports
The National Assembly will review the proposal through its Committees on Appropriations and Finance before final approval, with expectations that the budget will be passed by February 2025.
For small business owners, this development could mean better opportunities for growth, financing, and market expansion as Nigeria works towards economic stability.
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