Tinubu presents 2025 budget to NASS

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President Bola Tinubu on Wednesday presented the 2025 budget to a joint session of the National Assembly.

He said the N47.9 trillion budget christened “Budget of Restoration: Securing Peace, Rebuilding Prosperity” focused on key sectors such as security, infrastructure, health, and education to stabilize the economy and improve the lives of Nigerians.

Addressing lawmakers at the National Assembly Complex, Tinubu outlined his administration’s priorities for the upcoming fiscal year.

“This budget seeks to consolidate the reforms we have embarked on, aiming to restore peace, boost economic growth, and lay a solid foundation for Nigeria’s future,” he said.

The President disclosed allocations to critical sectors, including N4.91 trillion for defence and security, N4.06 trillion for infrastructure, N2.4 trillion for health, and N3.5 trillion for education.

Tinubu reiterated his administration’s commitment to tackling insecurity, boosting infrastructure development, and investing in human capital.

“Security is the foundation of all progress,” he said, noting that increased funding for the military and police would ensure peace and stability.

The 2025 budget targets N34.82 trillion in revenue, with a projected expenditure of N47.9 trillion, including N15.81 trillion for debt servicing.

Tinubu acknowledged the challenges of a budget deficit of N13.08 trillion but assured Nigerians that the administration’s economic reforms were beginning to yield positive results.

The 2025 budget projects a decline in inflation from 34.6 per cent to 15 per cent, an improvement in the exchange rate to N1,500 per dollar, and a crude oil production target of 2.06 million barrels per day.

Tinubu highlighted a trade surplus of N5.8 trillion and foreign reserves nearing $42 billion as indicators of economic recovery.

“The resilience of our economy and the Nigerian people will guide us as we rebuild the fabric of our economy,” he added.

The President emphasised the importance of infrastructure as a backbone for economic growth, citing ongoing projects like the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.

In education, Tinubu revealed that over 300,000 students had benefited from the Nigeria Education Loan Fund, with N826.9 billion allocated for infrastructure in the sector.

The health sector also received a boost, with N402 billion earmarked for infrastructure investments and N282.65 billion for the Basic Health Care Fund to improve access to quality healthcare.

Tinubu urged Nigerians to support the government’s efforts to rebuild the nation.

“The time for lamentation is over. This is a time to act and work together towards a brighter future,” he said, pledging his administration’s unwavering commitment to delivering on its promises.