President Bola Ahmed Tinubu Presents 2025 Budget
On December 18, 2024, President Bola Ahmed Tinubu presented the 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity to a Joint Session of the National Assembly.
The budget underscores the administration’s commitment to stabilizing the economy, enhancing national security, and laying the foundation for sustained growth under the Renewed Hope Agenda.
Key Highlights of the Budget: Revenue Target: ₦34.82 trillion.
Projected Expenditure: ₦47.90 trillion (₦15.81 trillion for debt servicing).
Budget Deficit: ₦13.08 trillion (3.89% of GDP).I
Inflation Rate Target: Reduction from 34.6% to 15%.Exchange Rate Projection: Improvement from ₦1,700/USD to ₦1,500/USD.
Crude Oil Production: Assumed at 2.06 million barrels per day.
Sectoral Allocations: Defence and Security: ₦4.91 trillion.Infrastructure: ₦4.06 trillion.
Education: ₦3.52 trillion.Health: ₦2.48 trillion.
Progress Report and Economic Projections:President Tinubu noted an economic growth of 3.46% in Q3 2024, compared to 2.54% in Q3 2023, along with a trade surplus of ₦5.8 trillion and foreign reserves nearing $42 billion.
The administration achieved 75% of its revenue target and 85% of its expenditure goals for the 2024 fiscal year.
Key Priorities:National Security: Increased funding for military and police operations to ensure peace and stability.
Infrastructure Development: Focus on legacy projects like the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
Human Capital Development: Investments in education and healthcare, including a ₦826.90 billion allocation for educational infrastructure and ₦402 billion for health sector development.
Agriculture: Support for farmers to boost food security and reduce dependency on imports.
President Tinubu urged collaborative efforts across all sectors to overcome challenges like corruption and insecurity.
He emphasized the need for Nigerians to remain hopeful, resilient, and united as the country works toward a prosperous future.
