President Bola Tinubu today presented the 2025 budget to the National Assembly, totalling N49.7 trillion.
Tagged “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” the proposal outlines the government’s strategy to rebuild the nation’s economy and address critical issues like insecurity and human capital development.
Speaking at the joint session of the National Assembly held in the House of Representatives chambers, Tinubu emphasised the importance of restoring macroeconomic growth, building a resilient economy, and addressing rising security concerns with the budget.
He commended Nigerians for their resilience in the face of economic challenges, noting that the 2025 budget targets a revenue of N34.82 trillion to fund government operations, including N15.81 trillion earmarked for debt servicing.
He said the total projected expenditure stands at N47.90 trillion, leaving a budget deficit of N13.08 trillion, or 3.89 per cent of the nation’s GDP.
He expressed optimism that inflation would decrease from the current 34.6 per cent to 15 per cent, while the exchange rate improves from 1,700 Naira per US dollar to 1,500 Naira. The budget also assumes a base crude oil production of 2.06 million barrels per day.
In the budget, Tinubu allocated substantial funds to defence and security, infrastructure, health, and education.
He proposed N4.91 trillion for defence and security, N4.06 trillion for infrastructure, N2.48 trillion for health, and N3.52 trillion for education.
President Tinubu described the budget as a renewed commitment to strengthening the foundation of a robust economy.
Regarding security, the president highlighted increased funding for the military, paramilitary, and police forces.
He reiterated his administration’s commitment to providing modern security equipment to combat insurgency, banditry, and other threats. “Our people should never live in fear,” Tinubu stated, vowing to restore peace and productivity across the nation.
In the realm of infrastructure, Tinubu underscored the importance of the Renewed Hope Infrastructure Development Fund, designed to accelerate investments in energy, transport, and public works.
He highlighted the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway as key projects that will foster economic growth and create jobs.
For human capital development, Tinubu announced that his administration had disbursed N34 billion through the Nigeria Education Loan Fund (NELFUND) to over 300,000 students.
He noted that in the budget, N826.90 billion has been set aside for educational infrastructure, including the Universal Basic Education (UBEC) and nine new higher education institutions.
The President allocated N402 billion for infrastructure investments and an additional N282.65 billion proposed for the Basic Health Care Fund.
Tinubu emphasised his government’s commitment to revitalizing public healthcare facilities, ensuring quality care for Nigerians, and reducing reliance on medical imports.
More so, the President prioritized agriculture, with provisions to support farmers and boost food security in the budget.
Tinubu stressed that the government would provide funding and agricultural inputs to enhance productivity and ensure that no Nigerian would go to bed hungry.
