President Bola Tinubu has presented a N49.7 trillion budget proposal for 2025 to the National Assembly, titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The budget focuses on defence, security, infrastructure, education, and healthcare, with a projected deficit of N13.39 trillion to be financed through borrowing.
Speaking during the presentation on Wednesday, Tinubu emphasized the government’s commitment to strengthening security and revamping critical infrastructure.
A total of N4.91 trillion was allocated to defence and security, while infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, will receive N4.06 trillion.
Education will be funded with N3.52 trillion to support Universal Basic Education and the creation of nine higher institutions.
The healthcare sector is set to receive N2.48 trillion to enhance medical facilities and ensure the supply of essential drugs in public hospitals. Tinubu stressed that investing in human capital development remains a cornerstone of his administration’s strategy.
The proposed budget is based on key economic assumptions, including a projected decline in inflation from 34.6% to 15% and an improvement in the naira exchange rate from N1,700/$1 to N1,500/$1. Crude oil production is forecast to increase to 2.06 million barrels per day.
Tinubu noted that Nigeria’s revenue for 2025 is estimated at N34.82 trillion, leaving a N13.39 trillion deficit, representing 3.89% of GDP. He described the borrowing plan as a necessary measure to achieve the administration’s developmental objectives.
Reflecting on economic progress, the President highlighted that the GDP grew by 3.46% in the third quarter of 2024, compared to 2.54% during the same period in 2023. He added that foreign reserves now stand at $42 billion, with a trade surplus of N5.8 trillion, driven by increased exports.
Tinubu acknowledged persistent challenges, including inflation and unemployment, but assured Nigerians that his administration’s reforms were beginning to yield results. He called for collective action to address the nation’s difficulties and urged Nigerians to support the government’s efforts to restore peace and prosperity.
Lawmakers commended the budget’s focus on critical areas but emphasized the need for strict oversight and improved revenue generation to reduce the country’s reliance on debt. Senator Adams Oshiomhole praised the realistic projections but warned against complacency, stating that proper implementation is crucial.
The Peoples Democratic Party criticized the budget, labeling it “unrealistic” and accusing the government of failing to prioritize sectors like agriculture and electricity. The opposition party claimed the proposals lacked clear strategies for reducing poverty and improving living standards.
In a related development, the House of Representatives Public Accounts Committee recommended excluding 24 ministries, departments, and agencies from the 2025 budget over alleged failures to account for previous allocations.
These include major institutions such as the National Examination Council and the University of Ibadan.
The 2025 budget proposal now awaits deliberation and approval by the National Assembly, marking a crucial step in the government’s efforts to rebuild the economy and foster inclusive growth.
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