President Bola Tinubu has presented N47.9 trillion as 2025 budget proposal before the joint session of the National Assembly with defence, security, infrastructure and debt serving taking the chunk of the Appropriation Bill.
The sum of N4.91 trillion was proposed for the defence and security sector in the fiscal year while infrastructure takes the sum of N4.06 trillion.
The government allocated the sum of N2.48 trillion for the Health sector and the sum of N3.52 trillion was earmarked for the Education sector.
The budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” according to Tinubu, strikes at the very core of his Renewed Hope Agenda and demonstrated his government’s commitment to stabilising the economy, improving lives, and repositioning the country for greater performance.
The President added that the 2025 budget proposal again reinforces his administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation.
He explained that the journey of economic renewal and institutional development, which commenced 18 months ago as a nation, was very much underway.
Tinubu noted that while it wasn’t a journey the country chose, his government had to embark on it for Nigeria to have a real chance at greatness.
He assured that the 2025 budget was one of restoration, saying it sought to consolidate the key policies his government has instituted to restructure the economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get manufacturing sector humming again and ultimately increase the competitiveness of our economy.
Tinubu stressed that his government does not intend to depart from this critical path to strengthen the Nigerian economy, saying just as he believes in the resilience of the economy to withstand the current challenges.
He emphasised that the objective of his government was to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
The President said the reforms his government instituted are beginning to yield results, adding that Nigerians would soon experience a better and more functional economy.
The President further said that in 2025, his government is targeting N34.82 trillion in revenue to fund the budget, while government expenditure in the same year is projected to be N47.90 trillion, including N15.81 trillion for debt servicing.
He added that a total of N13.08 trillion or 3.89 per cent of GDP would make up the budget deficit.
Tinubu noted that the budget projects inflation would decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate would improve from approximately N1, 700 per US dollar to N1, 500, and a base crude oil production assumption of 2.06 million barrels per day.
Meanwhile, the Peoples Democratic Party has dismissed the N47.9 trillion 2025 federal budget proposal presented by President Tinubu as “unrealistic, opaque, and insincere.”
In a statement issued by the PDP National Publicity Secretary, Debo Ologunagba, the party described the budget as anti-people, warning that its implementation would worsen insecurity, poverty, and despair across the nation.
The PDP criticized the budget presentation, alleging it was riddled with unverified economic figures and empty campaign promises.
