President Bola Tinubu has presented the “2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The proposed budget reflects the administration’s focus on economic revitalization, enhanced national security, and robust investment in human capital development.
Speaking before a joint session of the National Assembly on Wednesday, December 18, 2024, President Tinubu underscored the critical need for a budget that will steer Nigeria towards sustainable growth and prosperity.
“The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation,” President Tinubu stated.
“This budget christened, ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ strikes at the very core of our Renewed Hope Agenda.”
Highlighting key economic milestones achieved under his leadership, the President revealed that Nigeria’s economy recorded a 3.46% growth in the third quarter of 2024, up from 2.54% in the same period in 2023. The country’s foreign reserves now stand at $42 billion, and the trade surplus has reached 5.8 trillion naira.
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset,” the President noted.
The 2025 budget aims to generate revenue of 34.82 trillion naira and sets total government expenditure at 47.90 trillion naira, including 15.81 trillion naira for debt servicing. Inflation is expected to drop to 15%, while the exchange rate is projected to improve to 1,500 naira per US dollar. The budget also assumes an increase in crude oil production to 2.06 million barrels per day.
The budget outlines significant allocations to key sectors:
- Defence and Security: 4.91 trillion naira
- Infrastructure Development: 4.06 trillion naira
- Education: 3.52 trillion naira
- Health: 2.48 trillion naira
“Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory,” President Tinubu affirmed.
The Renewed Hope Infrastructure Development Fund remains a pivotal initiative to drive Nigeria’s growth. Projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway are expected to bolster economic activity and improve the quality of life for citizens.
In the education sector, 826.90 billion naira has been earmarked for infrastructure, while the health sector will see 402 billion naira in investments. “Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services,” Tinubu emphasized.
President Tinubu called on all Nigerians to unite in the collective effort to overcome the country’s challenges.
“Our nation faces existential threats from corruption and insecurity. These challenges are surmountable when we work collaboratively to overcome them,” he said. “The time for lamentation is over. This is a time to act, a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.”
Concluding his address, President Tinubu reaffirmed his determination to lead Nigeria toward prosperity and officially laid the 2025 Budget Proposal before the National Assembly.
