President Bola Tinubu, on Wednesday, December 18, 2024, presented a total budget of N49.7 trillion titled, ‘restoration budget’, to the joint session of the National Assembly.
Security and defence, infrastructure, health, and education were some of the sectors with high allocations in the 2025 budget proposal presented by Tinubu.
The president listed some of the highlights of the budget as defence and security – N4.91 trillion, infrastructure – N4.06 trillion, health – N2.4 trillion, and education – N3.5 trillion, among others.
Tinubu said: “It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria christened, ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.
“The 2025 budget seeks to, restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction and promote equitable income distribution and human capital development.
“In 2025, we are targeting N34.8 trillion in revenue to fund the budget. Government expenditure in the same year is projected to be N47.90 trillion including N15.81 trillion for debt servicing.
“A total of N13.08 trillion or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
Tinubu presents 2025 budget, says time for lamentation over
“The budget projects inflation will decline from the current rate of 34.6% to 15% in 2025 while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“These projections are based on the following observations: reduced importation of petroleum products alongside increased export of finished petroleum products, bumper harvests, driven by enhanced security, reducing reliance on food imports, increased foreign exchange inflows through foreign portfolio investments and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
“Highlights of the 2025 budget allocations: defence and security: N4.91 trillion; infrastructure: N4.06 trillion; health: N2.48 trillion; and education: N3.52 trillion.
“As we embark on implementing the 2025 budget, our steps are deliberate, our decisions resolute, and our priorities are clear.
“This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for the growth and development we envision.”
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