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…As revenue target stands at N34.82, with exchange rate projection of N1500 per dollar
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…Defence and Security gets N4.9trn, Infrastructure; N4.06trn, education; N3.52 trillion
By Christiana Ekpa, Musa Adamu and Andrew Oata
President Bola Ahmed Tinubu today presented a proposed budget of N47.90 trillion for the 2025 fiscal year to a joint session of the National Assembly.
The proposed budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” aims to consolidate the key policies instituted by the administration to restructure the economy, boost human capital development, and increase trade and investments.
According to the President, the budget is designed to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development.
The proposed budget includes a revenue target of N34.82 trillion, with a budget deficit of N13.08 trillion, or 3.89 percent of GDP. The budget also projects inflation to decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate is expected to improve from approximately 1,700 naira per US dollar to 1,500 naira.
Key allocations in the proposed budget include N4.91 trillion for defense and security, N4.06 trillion for infrastructure, N2.48 trillion for health, and N3.52 trillion for education.
President Tinubu emphasized the need for collective action to overcome the challenges facing the nation, stating that “this budget proposal lays the foundation for peace, prosperity, and much-needed hope.”
The President urged the National Assembly to expedite the passage of the budget proposal, saying that “the time for lamentation is over. This is a time to act.”
Part of the President’s Speech reads: The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.
“Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
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