President Bola Tinubu on Wednesday, presented to joint session of the National Assembly , 2025 Budget of Restoration , securing Peace and building prosperity with targeted revenue of N34.82trillion to fund the projected aggregate expenditure of N47.9trillion.
President Tinubu in the proposed budget with deficit of N13.0trillion , earmarked N4.91trillion for Defence and Security , N4.06trillion for Infrastructure , N3.5trlion for Education and N2.48trillion for Health .
The President in the budget speech , also stated that N15.81trillion is earmarked for debt servicing with salient parameters 2.06million barrels of oil production per day , exchange rate of N1,500 to a US dollar , inflation rate of 15% as against 34.6% it is now .
He said : “The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.
“In 2025, we are targeting N34.82 trillion naira in revenue to fund the budget.
“Government expenditure in the same year is projected to be N47.90 trillion naira, including 15.81 trillion naira for debt servicing.
“A total of 13.08 trillion naira, or 3.89 percent 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 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“These projections are based on the following observations: (i) Reduced importation of petroleum products alongside increased export of finished petroleum products , ( ii) Bumper harvests, driven by enhanced security, reducing reliance on food imports, ( iii)
Increased foreign exchange inflows through Foreign Portfolio Investments and ( iv) Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs”
He informed the federal lawmakers that series of economic reforms being carried out by his government, are yielding positive results saying ,” Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
“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 added that his administration has within the last 18months , released N34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND).
“In the 2025 Budget, we have made provision for N826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.
“We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians”, he said .
The President also assured Nigerians that the crippled Agriculture sector , shall be revitalised.
He said : “Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity.
“Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.
“Our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.
“Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.
“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.
“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes.
“It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation”.