President Bola Ahmed Tinubuon Wednesday presented the 2025 Appropriation Bill to a joint session of the National Assembly christened “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The budget focuses on stabilizing the economy, creating an equitable environment for business, and fostering inclusive growth.
- Theme of the Budget: The 2025 budget is titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” It focuses on stabilizing the economy, improving lives, and laying a foundation for long-term growth under the Renewed Hope Agenda.
- Ambitious Revenue and Expenditure Projections: The government targets ₦34.82 trillion in revenue and ₦47.90 trillion in expenditures, with a budget deficit of ₦13.08 trillion (3.89% of GDP).
- Economic Recovery and Resilience: President Tinubu highlighted an economic growth rate of 3.46% in Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves of $42 billion as signs of recovery.
- Inflation and Exchange Rate Targets: Inflation is projected to drop from 34.6% to 15% in 2025, while the naira-dollar exchange rate is expected to improve from ₦1,700 to ₦1,500 per US dollar.
- Key Allocations: The budget prioritizes critical sectors, with allocations of ₦4.91 trillion for defence and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education.
- Support for Agriculture: Revitalizing agriculture to ensure food security is central to the government’s agenda. Farmers will receive funding and inputs to boost production, reducing hunger and reliance on food imports.
- Human Capital Investments: Over ₦826.90 billion is allocated for education infrastructure, including provisions for nine new higher institutions. In healthcare, ₦402 billion will be spent on infrastructure, with ₦282.65 billion allocated to the Basic Health Care Fund.
- Infrastructure Development: The Renewed Hope Infrastructure Development Fund focuses on energy, transportation, and public works. Notable projects include the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
- Fiscal Philosophy: The budget emphasizes restoring macroeconomic stability, enhancing the business environment, fostering inclusive growth, and promoting equitable income distribution.
- Call for Collective Action: President Tinubu called on all Nigerians, leaders, and institutions to collaborate in overcoming corruption, insecurity, and economic challenges, urging unity to build a prosperous nation.
