President Tinubu Presents 2025 Budget to National Assembly, Emphasizing Economic Restoration and Growth
In a significant address to the Joint Session of the 10th National Assembly, the President presented the 2025 Budget Proposal, aptly titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” The proposal outlines a comprehensive roadmap aimed at stabilizing Nigeria’s economy, fostering development, and laying a foundation for future growth.
Key Highlights of the 2025 Budget.
The proposed budget reinforces the administration’s commitment to its Renewed Hope Agenda. It seeks to consolidate reforms initiated 18 months ago, focusing on economic stability, human capital development, and infrastructural advancement.
The 2025 Budget projects government revenue of 34.82 trillion naira and an expenditure of 47.90 trillion naira, including 15.81 trillion naira for debt servicing. With a budget deficit of 13.08 trillion naira (3.89% of GDP), the proposal underscores ambitious fiscal policies to drive economic recovery and growth.
Economic Outlook.
Despite global challenges, Nigeria’s economy has shown resilience. Key indicators include:
- GDP Growth: The economy grew by 3.46% in Q3 2024, up from 2.54% in Q3 2023.
- Foreign Reserves: Currently at $42 billion, providing a robust buffer against external shocks.
- Trade Surplus: A surplus of 5.8 trillion naira reflects rising exports.
The budget aims to reduce inflation from 34.6% to 15% and improve the exchange rate from 1,700 naira to 1,500 naira per US dollar. It also targets crude oil production of 2.06 million barrels per day, leveraging increased exports and reduced import dependency.
Strategic Sectoral Allocations.
The budget emphasizes investments in critical sectors:
- Defence and Security: 4.91 trillion naira allocated to enhance national security and strengthen the armed forces.
- Infrastructure: 4.06 trillion naira dedicated to energy, transport, and public works, including key projects like the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
- Education: 3.52 trillion naira, including 826.90 billion naira for infrastructure and support for nine new higher institutions.
- Health: 2.48 trillion naira, with 402 billion naira for infrastructure and 282.65 billion naira for the Basic Health Care Fund.
Policy Reforms and Social Investments.
The President highlighted ongoing reforms yielding positive results. Revenue collection improvements in 2024 saw 14.55 trillion naira generated, achieving 75% of targets. Expenditures of 21.60 trillion naira represented 85% of projections.
In education, 34 billion naira has been disbursed to over 300,000 students through the Nigeria Education Loan Fund (NELFUND). In healthcare, initiatives aim to reduce medical import dependency while strengthening primary healthcare systems.
Agriculture remains pivotal to the administration’s food security agenda, with support for farmers to reignite productivity and ensure no Nigerian goes hungry.
The President acknowledged the sacrifices required for ongoing reforms but affirmed their necessity for Nigeria’s path to greatness. He emphasized the importance of collaboration among leaders, institutions, and citizens to overcome existential challenges like corruption and insecurity.
“The time for lamentation is over. This is a time to act,” the President declared, urging all Nigerians to support the government’s efforts and look towards a brighter future.
The 2025 Budget, described as a “plan for peace, prosperity, and hope,” was formally laid before the National Assembly, reaffirming the administration’s dedication to rebuilding the nation and securing a prosperous future for all citizens.
