In a decisive move to steer Nigeria towards economic revitalization and stability, President Tinubu has unveiled an ambitious 2025 budget proposed totaling ₦47.90trillion. Presented to a joint session of the National Assembly, this “Budget of Restoration” aims to address critical national challenges and lay the groundwork for sustainable development.
Strategic Allocation
The proposed budget prioritizes key sectors essential for national growth and security:
Defense and Security: ₦4.91 trillion allocated to enhance national security and combat
Infrastructure: ₦4.06 trillion designated for the development of critical infrastructure projects, including major highways and transportation networks.
Education: ₦3.52 trillion set aside to improve educational facilities and expand access to quality education.
Health: ₦2.8 trillion allocated revitalize the healthcare system and ensure the wellbeing of citizens.
In presenting the proposed 2025 Budget, President Tinubu informed lawmakers that the primary objective of the budget is to consolidate the key policies instituted to restructure the economy, boost human capital, increase volume of trade and investment, bolster oil and gas production, revive the manufacturing sector and increase the competitiveness.
President Tinubu mentioned that the Federal Government’s expenditure includes N15.81 trillion for debt servicing and a total of ₦13.08 trillion naira, or 3.89 percent of GDP.
Speaking on the 2024 Budget performance, President Tinubu noted that his administration achieved a 75% increase in revenue to the sum of N14.55 trillion and 85% increase in expenditure representing 85% of its target. He also mentioned that fiscal parameters and revenue projections in the 2025 proposed budget are based on:
- Reduced importation of petroleum products alongside increased export of finished petroleum products.
- Bumper harvests, driven by enhanced security, reducing reliance on food imports.
- Increased foreign exchange inflows through Foreign Portfolio Investments.
- Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
Economic Revival and Human Capital Development
President Tinubu emphasized that this budget is crafted to restore macroeconomic stability, enhance the business environment, and foster inclusive growth. A significant focus is placed on human capital development, with substantial investments in education and healthcare to equip Nigerians with the necessary skills and services for a prosperous future.
Commitment to national security
Recognizing security as the bedrock of societal progress, the administration has significantly increased funding for the military, paramilitary, and police forces. This investment aims to secure the nation, protect borders, and ensure that all citizens can live without fear, thereby creating an environment conducive to economic activities and community rebuilding.
Infrastructure Development initiates
the budget also highlights the Renewed Hope Infrastructure Development Fund, an initiative designed to accelerate investments in energy, transportation, and public works. Notable projects include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, which are expected to stimulate economic growth and create employment opportunities across the country.
In summary, President Tinubu’2025 Budget proposal presents a comprehensive plan aimed at addressing Nigeria’s immediate challenges while setting a foundation for long-term prosperity and stability.
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