President Bola Tinubu yesterday presented a budget proposal of N49.70 trillion for the 2025 fiscal year to a joint session of the national assembly.
The highlights of budget allocations showed that defence and security received N4.91 trillion, infrastructure, N4.06 trillion while health and education got N2.48 trillion and N3.52 trillion respectively.
Christened ‘Budget of restoration: Securing peace, rebuilding prosperity’ the president said the government was targeting N34.82 trillion in revenue to fund the budget and projected the government’s expenditure during the fiscal year to be N47.90 trillion, including N15.81 trillion for debt service.
He also said a total of N13.08 trillion, or 3.89 per cent of GDP, will make up the budget deficit.
“The budget projects inflation will decline from the current rate of 34.6 percent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd),” he added.
The president also stated that the projections are based *reduced importation of petroleum products alongside increased export of finished petroleum products, *bumper harvests, driven by enhanced security, reducing reliance on food imports, *increased foreign exchange inflows through Foreign Portfolio Investments, and *higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
He added that the budget “tells a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society” and “seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development.”
Besides, he said the 2025 appropriation “lays the foundation for peace, prosperity, and much needed hope” stressing that “it is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieve.”
