Tinubu Presents N47.9 Trillion Budget for 2025

President Bola Tinubu has presented a N47.9 trillion budget for the 2025 fiscal year to the National Assembly, during a joint session held at the House of Representatives on Wednesday. The budget, christened the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” aims to address key national challenges, including economic instability, poverty, and insecurity.

This follows the recent approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by both chambers of the National Assembly, which outlined total spending of N47.9 trillion and a new borrowing plan of N9.22 trillion, including both domestic and foreign borrowings.

In his address, President Tinubu emphasized that the 2025 budget is designed to strengthen macroeconomic stability, promote human capital development, reduce poverty, and enhance security. He stated that the budget would support the government’s ongoing efforts to restructure the economy, increase trade, and stimulate the 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, and get our manufacturing sector humming again,” said the president.

The 2025 budget targets a revenue of N34.82 trillion to fund the total expenditure. Of this, N15.81 trillion will be allocated for debt servicing. The projected budget deficit stands at N13.08 trillion, or 3.89% of the GDP. President Tinubu noted that the government aims to reduce inflation from the current rate of 34.6% to 15% by the end of 2025, while the exchange rate is expected to improve from around 1,700 Naira per US dollar to 1,500 Naira. The budget also assumes a crude oil production base of 2.06 million barrels per day.

The budget places significant emphasis on sectors crucial for national growth, including defence, security, infrastructure, health, and education. The proposed allocations are as follows:

– Defence and security: N4.91 trillion
– Infrastructure: N4.06 trillion
– Health: N2.48 trillion
– Education: N3.52 trillion

President Tinubu stated that these sectors are vital for ensuring the nation’s security and fostering sustainable economic growth.

“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 said.

A key focus of the budget is strengthening national security. The president revealed that his administration had significantly increased funding for the military, paramilitary, and police forces to enhance the country’s security and protect its borders.

“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,” he said.

President Tinubu assured that his administration is committed to tackling insurgency, banditry, and other security challenges, emphasizing that restoring peace will help revive businesses, boost productivity, and rebuild communities.