By Kazeem Ugbodaga
President Bola Tinubu on Wednesday presented the 2025 fiscal budget proposal, amounting to N49.7 trillion, to a joint session of the National Assembly.
The budget, titled “2025 Budget of Restoration,” seeks approval to address key national priorities and rebuild the economy.
In his address, the President disclosed that the N49.7 trillion budget deficit would be financed through a borrowing plan of N13.08 trillion.
He described the budget as “ambitious but necessary” to secure Nigeria’s future, with a focus on stability, growth, and development.
Tinubu outlined the guiding principles of the 2025 budget, which aim to restore macroeconomic stability, enhance the business environment, promote inclusive growth, and foster equitable income distribution.
He added that the allocations were aligned with his administration’s Renewed Hope Agenda, designed to drive Nigeria’s developmental objectives.
The President detailed the revenue and expenditure projections for 2025, saying the government targets N34.82 trillion in revenue while overall expenditure is projected at N47.90 trillion.
Debt servicing will account for N15.81 trillion, with the budget deficit constituting 3.89% of the Gross Domestic Product (GDP).
Economic projections within the budget include reducing inflation from the current 34.6% to 15% by the end of 2025 and stabilising the naira-to-dollar exchange rate at N1,500, with Crude oil production expected to rise to 2.06 million barrels per day (mbpd).
The President attributed these projections to several factors, including increased petroleum exports, improved security leading to bumper harvests, and enhanced foreign exchange inflows.
The budget prioritises critical sectors, with allocations as follows: Defence and Security: N4.91 trillion; Infrastructure: N4.06 trillion; Health: N2.48 trillion and Education: N3.52 trillion.
Source: PM News
