President Bola Ahmed Tinubu Presents 2025 Budget of Restoration to National Assembly

President Bola Ahmed Tinubu, GCFR, has presented the 2025 Budget of Restoration on Wednesday 18th December 2024, which includes: Securing Peace, Rebuilding Prosperity to a Joint Session of the National Assembly, outlining his administration’s plans to drive economic growth, enhance national security, and improve citizens’ welfare.

Budget Overview

The proposed budget targets ₦34.82 trillion in revenue against projected expenditure of ₦47.90 trillion, resulting in a budget deficit of ₦13.08 trillion, representing 3.89% of Nigeria’s GDP. Debt servicing is allocated ₦15.81 trillion, reflecting the government’s commitment to managing the country’s debt responsibly.

President Tinubu aims to reduce inflation from 34.6% to 15% and improve the naira’s exchange rate from ₦1,700 to ₦1,500 per US dollar. The administration also expects crude oil production to rise to 2.06 million barrels per day.

Major Budget Allocations

Defence and Security: ₦4.91 trillion

Infrastructure Development: ₦4.06 trillion

Education: ₦3.52 trillion

Health: ₦2.48 trillion

Economic Performance and Progress

The President reported key economic improvements, including:

GDP Growth: 3.46% in Q3 2024, up from 2.54% in Q3 2023.

Foreign Reserves: $42 billion, providing a strong buffer against external shocks.

Trade Surplus: ₦5.8 trillion, reflecting increased exports and a more favorable trade balance.

Strategic Focus Areas

The budget emphasizes:

Security: Increased funding for the armed forces, police, and border security to combat insecurity and ensure national stability.

Infrastructure Development: Investment in major highways, power projects, and public works to boost economic activities and job creation.

Human Capital Development: Expansion of education, healthcare, and social welfare programs to improve living standards.

Agriculture and Food Security: Support for farmers with inputs and funding to boost agricultural productivity and reduce food insecurity.

Call for National Support

President Tinubu urges all Nigerians to support his administration’s economic reforms, emphasizing that sacrifices made during the past 18 months would soon yield significant benefits.

“This budget is a roadmap to securing peace, rebuilding prosperity, and restoring hope,” the President states. “Together, we will build a stronger, more resilient Nigeria.”

The budget proposal now awaits legislative review and approval by the National Assembly.

By Bashar Muhammad

GMN Correspondent, Sokoto State