President Bola Tinubu has presented the 2025 budget of N47.9 trillion to a joint session of the National Assembly. Tagged the “Budget of Restoration, Securing Peace, and Building Prosperity,” the proposal outlines a targeted revenue of N34.82 trillion, leaving a deficit of N13.08 trillion—approximately 3.89% of Nigeria’s GDP.
The budget prioritizes key sectors:
- Defence and Security: N4.91 trillion
- Infrastructure: N4.06 trillion
- Education: N3.5 trillion
- Health: N2.48 trillion
Debt servicing accounts for N15.81 trillion of the expenditure, reflecting the government’s continued commitment to managing its obligations.
Key Projections
In his address, President Tinubu highlighted projections that include:
- Crude oil production: 2.06 million barrels per day (mbpd)
- Exchange rate: N1,500 to $1 USD
- Inflation rate: 15%, down from the current 34.6%
He attributed these projections to economic reforms such as reduced petroleum imports, increased exports, enhanced agricultural productivity, and improved foreign exchange inflows.
Economic Progress
Tinubu noted that Nigeria’s economy has shown resilience, citing a growth rate of 3.46% in Q3 2024 compared to 2.54% in Q3 2023. Foreign reserves have risen to $42 billion, and the nation has achieved a trade surplus of N5.8 trillion, according to the National Bureau of Statistics.
Education and Health Investments
The administration has disbursed N34 billion through the Nigeria Education Loan Fund (NELFUND), benefiting over 300,000 students. The 2025 budget also allocates:
- N826.90 billion for educational infrastructure, including the Universal Basic Education Commission (UBEC) and nine new higher institutions.
- N402 billion for health infrastructure and N282.65 billion for the Basic Health Care Fund, aiming to revitalize healthcare systems nationwide.
Focus on Agriculture and Food Security
The President reaffirmed his commitment to revitalizing agriculture, which has been hampered by insecurity. “Food security is non-negotiable,” he said, promising support for farmers to boost production and ensure no Nigerian goes hungry.
Call to Action
President Tinubu emphasized that the 2025 budget is more than just numbers—it is a roadmap for transformative change. He urged collaboration across all sectors to tackle challenges like corruption, insecurity, and poor past policies.
“The time for lamentation is over,” Tinubu stated. “This is a time to act—a time for every Nigerian to look towards a brighter future because a new day has dawned for us as a nation.”
