President Bola Tinubu has stated that the proposed N47.90 trillion 2025 Budget was intended to, among other things, foster inclusive growth, employment, and poverty reduction.
Tinubu stated this on Wednesday while presenting the budget tagged, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint session of the 10th National Assembly in Abuja.
“Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing. A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit,” he said.
While affirming that the 2025 budget proposal tells a bold and exciting story of the direction his administration is taking to retool and revamp the socio-economic fabric of the society, the President said the administration is targeting 34.82 trillion naira in revenue to fund the budget in 2025.
Tinubu said, “This is an ambitious but necessary budget to secure our future. The budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“These projections are based on the following observations: Reduced importation of petroleum products alongside increased export of finished petroleum products. Bumper harvests, driven by enhanced security, reduce 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,” he said.
President Tinubu said the budgetary allocations underscore the administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
Giving the highlights of the 2025 Budget Allocations, he said Defence and Security takes N4.91 trillion, Infrastructure: N4.06 trillion, Health: N2.48 trillion, and Education: N3.52 trillion, adding that the budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for the growth and development envisioned.
Speaking on the performance of the 2024 budget, he said, “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.
“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt,” he said.
