Security and defence, infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled,
‘The Restoration Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be N47.90tn including N15.81tn for debt servicing.
“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”