President Tinubu said the 2025 appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity.
President Bola Tinubu has presented a budget of N47.9 trillion for the 2025 fiscal year to the National Assembly.
President Tinubu made the presentation on Wednesday to the joint session of the National Assembly held at the chamber of the House of Representatives.
The budget is christened "Budget of Restoration: Securing Peace, Rebuilding Prosperity."
A few weeks ago, the two chambers of the National Senate approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) with a total spending of ₦47.9 trillion and a new borrowing plan of N9.22 trillion, constituting domestic and foreign borrowings.
While presenting the budget details, Mr Tinubu said the 2025 appropriation was designed to ensure macro-economic stability, poverty reduction, promoting economic stability, developing human capital development and insecurity.
He noted that the budget specifically aimed to restore the government's policy of restructuring the nation's economy, boosting human capital development, and increasing trade activities, including the nation's oil and gas sector.
"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," the president said.
Targets for 2025
President Tinubu said the 2025 budget targets a revenue of N34.82 trillion to fund the budget, including N15.81 trillion for debt servicing.
"In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget. 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 per cent of GDP, will make up the budget deficit. The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent 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)," he added.
Key priorities in the budget
The budget prioritised defence and security, infrastructure, health and education.
Defence and Security are proposed to receive N4.91 trillion, while infrastructure is proposed at N4.06 trillion. Health is projected at N2.48 trillion, and Education is proposed at N3.52 trillion.
The president said the budget is a commitment to strengthening the foundation of a robust economy.
"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.
Breakdown of priorities
On insecurity, President Tinubu said his administration increased the funding for the military, paramilitary and police forces to secure the country.
He said his administration will continue providing modern security equipment to security agencies to ensure adequate security.
"We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.
"The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government's top priority," he said.
The president assured that his government will defeat banditry and other insecurity challenges in the country.
"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 cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities."
Mr Tinubu said his administration launched the Renewed Hope Infrastructure Development Fund to embark on infrastructural developments.
He listed the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway as part of the projects under the initiative.
"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: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output," he added.
President Tinubu explained that his administration has disbursed N34 billion to over 300,000 students through the Nigeria Education Loan Fund (NELFUND) for human capital development.
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"Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions," he said.
The president also said his administration has allocated N402 billion for infrastructure investments in the health sector and proposed another N282.65 billion for the Basic Health Care Fund.
"Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the federal government's planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency," he said.
On revitalising the nation's agriculture sector, President Tinubu assured that his administration will provide funds in the 2025 budget to support farmers.
"We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry."
