President Bola Tinubu on Wednesday presented the 2025 budget proposal of ₦49.7 trillion, titled the ‘Restoration Budget’, before a joint session of the National Assembly. The budget prioritizes security, infrastructure, health, and education as key sectors for national development.
“This budget will restore macro-economic stability, secure peace, and build prosperity,” Tinubu stated during his 30-minute presentation, which concluded at 1:10 pm.
Key Allocations:
– Defence and Security: ₦4.91 trillion
– Infrastructure: ₦4.06 trillion
– Education: ₦3.5 trillion
– Health: ₦2.4 trillion
Tinubu outlined the budget’s objectives, including fostering economic growth, reducing poverty, enhancing the business environment, and promoting human capital development.
The 2025 budget aims to generate ₦34.8 trillion in revenue, leaving a deficit of ₦13 trillion (3.89% of GDP). Expenditure includes ₦15.81 trillion for debt servicing.
Economic Projections:
– Inflation: Expected to decline from 34.6% to 15% in 2025
– Exchange Rate: Projected improvement from ₦1,700/$ to ₦1,500/$
The ₦49.7 trillion proposal is ₦20 trillion higher than the ₦27.5 trillion 2024 budget Tinubu presented in December 2023, which was later increased by the Senate to ₦28.7 trillion.
“This ambitious but necessary budget secures our future,” Tinubu added, emphasizing the need for collective effort to achieve economic restoration and stability.
