President Tinubu Presents N47.96 Trillion Budget for 2025 …Assures Nigerians of Economic Recovery

By Iyojo Ameh

President Bola Ahmed Tinubu has presented the 2025 national budget proposal of N47.9 trillion to a joint session of the 10th National Assembly, promising Nigerians that the hardships brought on by his administration’s reforms will soon give way to economic relief and stability.

The budget, tagged “The Budget of Restoration: Securing Peace, Rebuilding Prosperity,” emphasizes President Tinubu’s Renewed Hope Agenda and outlines plans to stimulate economic growth, enhance human capital, and implement critical institutional reforms.

The proposed budget expenditure is N47.

Sectoral allocations include: N4.91 trillion for Defence and Security. N4.06 trillion for Infrastructure. N3.52 trillion for Education. N2.48 trillion for Health and Debt servicing to consume N15.81 trillion.

President Tinubu provided an optimistic economic outlook, based on ongoing reforms and increased productivity:
Inflation is expected to decline from 34.6% to 15%. Exchange rates are projected to stabilize at N1,500 to $1. Crude oil production is forecast to rise to 2.06 million barrels per day.

He credited these projections to security improvements, reduced petroleum imports, and progress in agricultural production.

Looking at achievements from the current year, Tinubu reported that, GDP growth rose to 3.46% in Q3 2024, up from 2.54% in Q3 2023. Foreign reserves surged to nearly $42 billion, providing a buffer against external shocks and a trade surplus of N5.8 trillion, driven by increased exports.

The president also revealed that 75% of revenue targets and 85% of expenditure goals for 2024 were achieved by the third quarter.

Priority Areas for 2025 as identified by the President include:

Security: Strengthening military and police capacities to tackle insurgency and ensure national stability.

Infrastructure: Major investments in transport, energy, and public works, including the Lagos-Calabar Coastal Highway project.

Human Capital Development: Historic funding for education and healthcare, with N826.90 billion allocated to educational infrastructure and N402 billion for healthcare upgrades.

Agriculture: Ensuring food security through farmer support and addressing insecurity in agricultural zones.

Acknowledging the sacrifices made by Nigerians due to recent economic reforms, Tinubu assured citizens of better days ahead.

“Our journey of reforms and transformation has not been easy, but I assure you, these sacrifices will not be in vain. Together, we will rebuild the fabric of our economy and secure a brighter future for all,” he said.

Tinubu concluded by describing the budget as a guide to national recovery. “This is not just a budget; it is a roadmap to a prosperous and peaceful Nigeria where every citizen can thrive,” he added.

The National Assembly is expected to begin deliberations on the proposal in the coming weeks.