President Bola Ahmed Tinubu in a Joint Sitting of the Senate and House of Representatives on Wednesday, 18 December 2024, presented the sum of N47.90 trillion as the proposed 2025 Budget. This is an increase from the 2024 budget of N27.5 trillion presented in 2023.
Delivering his address, the President emphasized that the 2025 budget is anchored on a theme of “The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity” reinforcing his administration’s commitment to secure peace, prosperity, and hope for a greater future for Nigeria.
President Tinubu highlighted the key priorities of the proposed budget, which include:
- Security:
Significant allocations have been allocated for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over national territory through the provision of modern tools and technology they need to keep Nigerians safe; boosting the morale of men and women in the armed forces.
- Infrastructure Development:
Investments in energy, transport, and public works will be accelerated by leveraging on private capital which will have a huge impact on the lives of people and accelerate economic output.
- Human Capital Development:
- Provision of N826.90 billion for infrastructure development in the educational sector, including the Universal Basic Education (UBEC) and Nine New Higher Educational Institutions; and
- Allocation of N402 billion for infrastructure investments in the health sector and another N282.65 billion for the Basic Health Care Fund to strengthen primary healthcare systems across Nigeria.
- Agriculture:
Increasing agricultural production by supporting farmers with funding and inputs to reignite productivity.
In presenting the proposed 2025 Budget, President Tinubu informed lawmakers that the primary objective of the budget is to consolidate the key policies instituted to restructure the economy, boost human capital, increase volume of trade and investment, bolster oil and gas production, revive the manufacturing sector and increase the competitiveness.
President Tinubu mentioned that the Federal Government’s expenditure includes N15.81 trillion for debt servicing and a total of N13.08 trillion naira, or 3.89 percent of GDP.
Speaking on the 2024 Budget performance, President Tinubu noted that his adminsitration achieved a 75% increase in revenue to the sum of N14.55 trillion and 85% increase in expenditure representing 85% of its target. He also mentioned that fiscal parameters and revenue projections in the 2025 proposed budget are based on:
- 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.
- Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
On key priority areas for rebuilding the nation, he stated that the budgetary allocations to key sectors underscores his administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives. According to him, the highlights of the 2025 Budget allocations were as follows:
- Defence and Security: N4.91 trillion
- Infrastructure: N4.06 trillion
- Health: N2.48 trillion
- Education: N3.52 trillion
In conclusion, President Tinubu commended the collaborative efforts of the 10th National Assembly stating that the 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope.
The Joint Sitting of the Senate and House of Representatives concluded with commendations from the President of the Senate, Sen. Godswill Akpabio (APC: Akwa Ibom) and the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen (APC: Kaduna), both of whom underscored the importance of unity and shared vision in addressing the nation’s challenges.
