• Budget targets 34.82 trillion Naira revenue amidst ambitious reforms
• Defence, Infrastructure, Education, Health prioritized in N47.9 trillion spending plan
• Senate extends 2024 Budget till June 2025 as Akpabio calls for unity
'Seun Ibukun-Oni, Abuja
President Bola Ahmed Tinubu on Tuesday in a historic address to the joint session of the 10th National Assembly, presented the 2025 Budget Proposal, christened the "Budget of Restoration: Securing Peace, Rebuilding Prosperity." This ambitious N47.9 trillion spending plan seeks to consolidate gains from 18 months of sweeping reforms while addressing critical challenges in security, infrastructure, education, and healthcare.
Delivering his speech, Tinubu emphasized that the 2025 budget reflects his administration's Renewed Hope Agenda and a commitment to stabilizing Nigeria’s economy. “This is not just another fiscal document; it is a call to action—a blueprint to secure a brighter, prosperous future for every Nigerian,” he declared.
The budget projects a revenue target of N34.82 trillion, with a deficit of N13.08 trillion (3.89% of GDP). Key allocations include N4.91 trillion for defence and security, N4.06 trillion for infrastructure, N3.52 trillion for education, and N2.48 trillion for healthcare. Tinubu also projected significant macroeconomic improvements, including a reduction in inflation from 34.6% to 15% and a strengthened exchange rate of N1,500/$1.
The President highlighted tangible gains from previous budgets, including 3.46% GDP growth in Q3 2024, a trade surplus of N5.8 trillion, and foreign reserves nearing $42 billion. “These results are proof of our policies’ impact. The road has been tough, but the sacrifices are yielding fruit,” he affirmed.
Addressing national security, Tinubu underscored increased funding for military operations, modern equipment, and support for law enforcement agencies. “By restoring peace, we revive businesses, rebuild communities, and reignite our nation’s potential,” he stated.
On infrastructure, Tinubu cited progress under the Renewed Hope Infrastructure Development Fund, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. Similarly, education and healthcare saw record investments, with allocations for universal basic education and primary healthcare system strengthening.
In his welcome address, Senate President Godswill Akpabio lauded Tinubu's leadership, noting key achievements such as economic reforms, increased oil production, and enhanced social welfare programs. Akpabio announced the extension of the 2024 budget to June 2025, citing its significant performance. He, however, urged ministers to uphold legislative oversight.
The proposed 2025 budget underscores Tinubu's resolve to combat corruption, promote private sector investments, and build a resilient economy. “The time for lamentation is over; this is the time to act,” he concluded, urging Nigerians to embrace a new era of peace and prosperity.
The National Assembly is expected to commence deliberations on the proposed budget, which Tinubu described as a pivotal step towards securing Nigeria's future.
