(SINL NIGERIA) President Bola Tinubu has presented 2025 budget of N47.9trillion before a joint session of the National Assembly on Wednesday.
Indeed, security, defence, infrastructure, health and education were some of the sectors with high allocations in the budget.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled,
The budget titled “Budget of restoration, security, peace building and prosperity”, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.48tn, education – N3.5tn.
“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be N47.90tn including N15.81tn for debt servicing.
“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”
The President also pegged crude oil production at 2.06 million barrels per day.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
“Our nation faces existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must re-write the narrative of this nation.
“The time for lamentation is over. The time to act is act is now.”
