President Bola Tinubu on Wednesday presented the N47.90 trillion budget estimates for 2025, assuring the public that his administration would continue to stimulate the country’s economy through targeted fiscal stimulus packages, public expenditures, and non-inflationary spending.
During the formal presentation of the 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly, Tinubu reiterated his unwavering commitment to rebuilding Nigeria and ensuring a prosperous future for the nation.
A breakdown of the proposed 2025 budget allocations showed the following: Defence and Security, N4.91 trillion; Infrastructure, N4.06 trillion; Health, N2.48 trillion; and Education, N3.52 trillion.
“As we embark on implementing the 2025 budget, our steps are deliberate, our decisions resolute, and our priorities are clear.
“This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for growth and development,” Tinubu stated.
On national security, Tinubu assured the public that his administration had “significantly increased funding for the military, paramilitary, and Police Force to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.”
He emphasized that the government would continue to equip the security forces with the modern tools and technology necessary to safeguard the country.
“The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation.
“Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty,” Tinubu added.
On infrastructure development, he explained: “When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy.
“We are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs.”
Tinubu also shared his administration’s commitment to improving human capital development, revealing that the government had disbursed N34 billion to over 300,000 students via the Nigeria Education Loan Fund (NELFUND).
“In the 2025 Budget, we have allocated N826.90 billion for infrastructure development in the educational sector, including allocations for the Universal Basic Education (UBEC) and nine new higher educational institutions,” he said.
For healthcare, Tinubu emphasized the importance of Universal Health Coverage initiatives and announced an allocation of N402 billion for infrastructure investments in the health sector, with an additional N282.65 billion for the Basic Health Care Fund.
He added that his administration would continue its efforts to reduce medical import dependency and ensure quality healthcare for all Nigerians.
Addressing the issue of corruption, Tinubu asserted: “Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.
We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.”
He urged Nigerians to look towards a brighter future and to support greater investment in the private sector, saying, “The time for lamentation is over. This is a time to act.”
Tinubu concluded by stressing that the 2025 budget proposal laid the foundation for peace, prosperity, and hope, emphasizing that his administration’s journey of economic renewal and institutional development, which began 18 months ago, was well underway.
He added, “We must build on the progress we have made in the past eighteen months in restructuring our economy to withstand future global shocks.”
The President also reported that Nigeria’s economy was responding positively to the fiscal stimulus measures, with growth projected at 3.46 percent in the third quarter of 2024, up from 2.54 percent in the same period of 2023.
Nigeria’s foreign reserves now stand at nearly $42 billion, and exports have been growing, with a current trade surplus of N5.8 trillion.
Finally, Tinubu shared the 2025 budget’s revenue targets, with a proposed N34.82 trillion in revenue and N47.90 trillion in government expenditure, including N15.81 trillion for debt servicing.
He projected inflation would decline from 34.6 percent to 15 percent, with an improved exchange rate of N1,500 per US dollar and crude oil production pegged at 2.06 million barrels per day.
“This is an ambitious but necessary budget to secure our future,” he concluded.
