- Proposes N47.9tn For 2025
SECURITY and defence, infrastructure, health and education were some of the sectors with high allocations in the N47.9trillion budget proposal presented by President Bola Tinubu before a joint session of the National Assembly, yesterday afternoon.
“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 said as he concluded his 30-minute speech at 1:10pm yesterday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security –N4.91trillion, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
“The 2025 budget seeks to restore macro-economic 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 N47.90tn including N15.81tn 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 projects 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 N47.9tn budget proposal was about N20tn higher than that of 2024. In December 2023, Tinubu presented the 2024 budget proposal of N27.5tn, his first, before the National Assembly. The Senate increased the bill by N1.2tn and approved N28.7tn for the 2024 Budget. For the 2025 budget, the President pegged crude oil production at 2.06 million barrels per day for 2025. He also projected that the importation of finished petroleum products would reduce in 2025 while the exportation of refined petroleum products would increase. He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said. Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
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.
The presentation was expected to take place on Tuesday but that was moved to Wednesday after a meeting of the Federal Executive Council (FEC) held on Monday at the Presidential Villa in Abuja.
