President Tinubu said 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.
President Bola Tinubu has said four key sectors of the economy will top his administration's priority in 2025.
President Tinubu, who stated this during the presentation of the 2025 budget to a joint session of the National Assembly, listed the sectors as defence/security, infrastructure, health and education.
It is titled "The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity."
He said N4.91 trillion has been allocated to the defence and security sector, while N4.06 trillion was allocated to infrastructure.
He also said education and health got N3.52 trillion and N2.48 trillion, respectively.
The government proposes a ₦47.9 trillion budget for the 2025 fiscal year.
President Tinubu highlighted the budget by saying, "Our budgetary allocations underscore this administration's strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives."
"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 the growth and development we envision," he added.
Speaking on the key priority areas, Mr Tinubu stated that his government would invest heavily in security by equipping personnel with modern tools and technology.
"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.
"Our people should never live in fear--whether on their farmlands, highways or in cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities," he said.
We'll complete our legacy projects
In his speech, Mr Tinubu reiterated his commitment to completing some legacy projects his administration has embarked on. He said the projects include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Road.
The Lagos-Calabar Coastal Highway has been marred by an alleged lack of transparency in the procurement process and house demolitions. Despite these challenges, the president maintained that the project would be completed.
"When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, 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. We have already embarked on key legacy projects: The Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output," he said.
Regarding investments in human capital development, Mr Tinubu explained that the government is proposing ₦826.90 billion for infrastructure development in the education sector.
He added, "This provision also includes funding for the Universal Basic Education Commission (UBEC) and the nine new higher educational institutions."
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The president also noted that the government had allocated ₦402 billion for infrastructure investments in the health sector and another ₦282.65 billion for the Basic Health Care Fund.
Other key elements of the budget
The government has a revenue target of ₦34.82 trillion to fund the ₦47.90 trillion budget, including ₦15.81 trillion for debt servicing.
The proposed expenditure includes a deficit component of ₦13.08 trillion, or 3.89 per cent of GDP.
Other proposed parameters include an exchange rate of ₦1,500 to a dollar and a base crude oil production assumption of 2.06 million barrels per day (mbd).
All these variables could be tampered with by the National Assembly during the legislative process.
The two chambers are expected to commence work on passing the budget.
