Nigerian President Bola Tinubu has presented a budget of N47.9 trillion for the 2025 fiscal year to the joint session of the National Assembly for their review and approval.
Presenting the budget on Wednesday in Abuja, President Tinubu said that the budget projected a revenue of N34.82 trillion to fund the budget.
According to President Tinubu, the expenditure in 2025 is projected at N47.90 trillion, including N15.81 trillion earmarked for debt servicing, while a total of N13.08 trillion or 3.89 per cent of the GDP to make up for the budget deficit.
He stated that the proposed budget expects inflation to drop from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately N1,700 to 1US dollar to N1,500, while crude oil production assumption of 2.06 million barrels per day (mbpd) is projected.
President Tinubu explained that although the Budget is ambitious, it is also necessary to secure Nigeria’s future.
The breakdown of the budget tagged the Budget of Restoration: Securing Peace, Rebuilding Prosperity, shows that N4.91 trillion was allocated to Defence and Security, N4.06 trillion to Infrastructure, N2.48 trillion to Health and N3.52 trillion to Education.
According to him, the budget strikes at the very core of the Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.
He stated that the 2025 budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, as well as Promote equitable income distribution and human capital development.
Acknowledging that there have been difficulties and sacrifices, he, however, called on Nigerians to keep faith with the process to arrive at collectively desired destination
“The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy.
“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.
“The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.
“We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory,” he said.
He disclosed that the reforms instituted from the 2024 budget are beginning to yield results and expressed confidence that Nigerians will soon experience a better and more functional economy.
“The Economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023, Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks, rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
“In 2024, we achieved 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter, 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter,” he added.
GIK/APA