President Bola Ahmed Tinubu on Wednesday presented the proposed 2025 budget to the National Assembly, focusing on security, infrastructure development, and economic growth.
This presentation represents the second full budget of Tinubu’s administration since he assumed office in May 2023. The budget, titled “Restoration Budget: Security, Peace, and Building Prosperity,” was approved by the Federal Executive Council on Tuesday.
The budget projects a total revenue of N34.8 trillion and a total expenditure of N47.9 trillion, leaving a deficit of N13 trillion, equivalent to 3.89% of Nigeria’s Gross Domestic Product.
A significant portion of the budget, N15.81 trillion, is allocated to debt servicing, reflecting Nigeria’s ongoing fiscal challenges.
The spending plan is built on critical economic assumptions, including:
– Crude oil benchmark price: $75 per barrel
– Daily oil production target: 2.06 million barrels
– Exchange rate: N1,500 to the US dollar
The defence and security sector received the highest allocation of N4.91 trillion, aimed at enhancing national safety and stability. Infrastructure development follows closely, with an allocation of N4.06 trillion. Education and healthcare were allocated N3.5 trillion and N2.48 trillion, respectively.
The 2025 budget demonstrates a commitment to prioritising critical sectors with significant funding increases compared to the 2024 budget:
– Education: Funding has tripled, increasing from N1.08 trillion in 2024 to N3.5 trillion in 2025.
– Defence and Security: Allocation grew from N3.25 trillion to N4.91 trillion.
– Healthcare: Funding more than doubled, rising from N1.08 trillion to N2.48 trillion.
– Infrastructure Development: The most substantial increase, from N1.32 trillion in 2024 to N4.06 trillion in 2025.
During his presentation, Tinubu highlighted the budget’s emphasis on restoring stability, ensuring peace, and fostering economic prosperity. With record-breaking allocations in education, healthcare, and infrastructure, the administration aims to address pressing national challenges while fostering sustainable growth.
