President Bola Ahmed Tinubu on Wednesday presented a budget proposal of ₦47.9 trillion for the 2025 fiscal year to the joint session of the National Assembly.
The budget, tagged “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” prioritises defence and security with an allocation of ₦4.91 trillion, reflecting the administration’s determination to address Nigeria’s persistent security challenges.
“Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory,” Tinubu said.
The President explained that the proposed budget aligns with his “Renewed Hope Agenda”, aimed at stabilising the economy, improving lives, and repositioning the country for growth.
He stressed that while the journey of reforms has been challenging, it is essential for achieving national greatness.
“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn,” he said.
Apart from security, the budget allocates ₦4.06 trillion to infrastructure, ₦3.52 trillion to education, and ₦2.48 trillion to health. Tinubu highlighted these allocations as critical to fostering human capital development and economic growth.
Revenue generation is projected at 334.82 trillion, with government expenditure pegged at ₦47.9 trillion. Debt servicing will cost ₦15.81 trillion, while the budget deficit is expected to be ₦13.08 trillion, representing 3.89 per cent of the Gross Domestic Product (GDP).
President Tinubu further noted that inflation is expected to decline from the current 34.6 per cent to 15 per cent in 2025, while the exchange rate would improve to ₦1,500/$1. Crude oil production is projected at 2.06 million barrels per day.
On infrastructure, the President highlighted key projects, including the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Highway, which he said will “have a huge impact on the lives of our people and accelerate economic output.”
Tinubu also addressed education and health, announcing that ₦826.9 billion would be dedicated to educational infrastructure while ₦402 billion would go to healthcare investments.
“Our hospitals will be revitalised with better resources, ensuring quality care for all Nigerians,” he said.
While acknowledging the challenges posed by corruption, insecurity, and economic constraints, Tinubu called for collective action.
“Our nation faces existential threats from corruption and insecurity. These challenges are surmountable when we work collaboratively to overcome them,” he stated.
The President assured Nigerians that the reforms implemented by his administration were beginning to yield results, pointing to the economy’s growth of 3.46 per cent in the third quarter of 2024 and a trade surplus of ₦5.8 trillion as signs of recovery.
“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part,” Tinubu concluded.
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