…Tinubu Says 2025 Budget Ambitious, But Necessary To Secure Nigeria’s Future
By Tony Obiechina Abuja
President Bola Tinubu has unveiled a comprehensive N47.9tn budget proposal for the 2025 fiscal period, emphasizing investments in defence, infrastructure, health, and education.
The proposed allocation is a reflection of the administration’s priorities to address security challenges, improve critical infrastructure, and enhance social services.
Key highlights of the budget breakdown showed that the defence and security sector got the highest allocation of N4.91tn to bolster the nation’s security architecture amid ongoing efforts to combat insurgency, banditry, and other threats.
The president allocated N4.06tn to drive infrastructural development, with a focus on roads, railways, and power projects aimed at boosting economic growth.
Health had an N2.48tn allocation to strengthen the healthcare system, improve service delivery, and expand access to quality care.
Also, the federal government allocated N3.52tn to education which will support initiatives to enhance learning outcomes, improve teacher training, and upgrade school infrastructure.
This is just as the Senate has commenced deliberations on the 2025 budget, emphasizing thorough scrutiny to ensure judicious use of funds. In a related move, the Senate has extended the implementation of the 2024 budget until June 2025, allowing ongoing projects to achieve substantial progress.
The proposed budget reflects President Tinubu’s commitment to addressing pressing national challenges while laying a foundation for sustainable development.
Speaking at the budget presentation to a joint session of the National Assembly on Wednesday in Abuja, Tinubu said the 2025 Budget Proposal again reinforces his administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation.
He told the lawmakers that the budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of his Renewed Hope Agenda and demonstrates his commitment to stabilizing the economy, improving lives, and repositioning the country for greater performance.
“The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway.
” It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. The road of reforms is now clearly upon us, and as the president of this blessed nation, I know this less-travelled road has not been easy.
“That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith in the process to arrive at our collectively desired destination.
“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn,” he added.
He explained that the 2025 budget is one of restoration as it seeks to consolidate the key policies his government has instituted to restructure the economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get manufacturing sector working again and ultimately increase the competitiveness of the economy.
He added, “We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.”
Speaking on the current economic realities, he said that the economy is responding positively to stimulus.
“Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
“The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy,” he added.
On the 2024 budget performance, the president informed the National Assembly that his administration attained remarkable milestones in implementing the 2024 Budget.
In 2024, he said the government achieved N14.55tn in revenue, meeting 75 per cent of our target as of the third quarter.
He added that N21.60tn in expenditure, representing 85 per cent of the target had also been released in the third quarter.
While challenges persist, Tinubu said his administration improved revenue collection and fulfilled key obligations.
Giving a breakdown of the 2025 budget, Tinubu said the government is targeting N34.82tn in revenue to fund the budget.
According to him, government expenditure in the same year is projected to be N47.9tn, including N15.81tn for debt servicing.
He added that a total of N13.08tn, representing 3.89 per cent of GDP, will make up the budget deficit.
He 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 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 nairas per US dollar to 1,500 naira and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“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.
“Security is the foundation of all progress. 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.
“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 cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.”
By leveraging private capital, the president said his administration hopes 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.
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