Security and defence, infrastructure, health and education were a few of the sectors with high allocations in the N49.7 trillion Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly (NASS).
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of Nigeria titled, ‘The Restoration Budget’ securing peace, building prosperity,” Tinubu completed his 30-minute speech at 1:10pm on Wednesday.
Prior to his presentation, the President outlined a few of the budget as defence and security – N4.91 trillion, infrastructure – N4.06 trillion, health – N2.4 trillion, education – N3.5 trillion, among others.
“The 2025 budget seeks to restore macroeconomic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. Government expenditure in the same year is projected to be N49.7 trillion, including N15.81 trillion for debt servicing.
“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget project’s inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”
Tinubu’s 2025 N49.7 trillion budget proposal was about N20 trillion higher than that of 2024. In December 2023, Tinubu presented the 2024 budget proposal of N27.5 trillion, his first, before the NASS. The Senate expanded the bill by N1.2 trillion and endorsed N28.7 trillion for the 2024 Budget.
‘Reforms Yielding Outcomes, No Inversions’
For the 2025 budget, the President fixed crude oil production at 2.06 million barrels per day (bdp) for 2025. He additionally projected that the importation of finished petroleum-based commodities would diminish in 2025 while the exportation of refined oil-based commodities would increase.
He communicated commitment to financial renewal, thanking all Nigerians for setting out on the journey of change and transformation over the most recent year and a half together.
The President said the economy is responding to improvement and that his administration would keep on taking the right steps for monetary advancement. “The reforms yielding results, no reversals,” he said.
Tinubu zeroed in on the fact that food security is non-negotiable, adding that the government is making moves to ensure Nigerians feed and not head to bed hungry.
Call For Action
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
“Our nation faces existential threat from corruption and insecurity. These challenges are surmountable when we work collaboratively. We must re-write the narrative of this nation.
“The time for lamentation is over. The time to act is now.”
Tinubu was accompanied to the budget presentation by the Secretary to the Government of the Federation (SGF), George Akume; and the Chief of Staff to the President, Femi Gbajabiamila; among other top government officials.
