President Bola Ahmed Tinubu on Wednesday presented the 2025 Appropriation Bill to a joint session of the National Assembly, and outlined key highlights in his budget speech.
Tinubu unveiled an ambitious financial blueprint under the theme, “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
This proposal is aimed at stabilizing the economy, fostering an equitable business environment, and promoting inclusive growth.
HIGHLIGHTS
Budget Theme
The 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is designed to stabilize the economy, improve living standards, and lay the groundwork for sustained growth under the Renewed Hope Agenda.
Revenue and Expenditure Targets
The government projects ₦34.82 trillion in revenue and ₦47.90 trillion in expenditures, resulting in a budget deficit of ₦13.08 trillion (3.89% of GDP).
Economic Recovery and Resilience
President Tinubu highlighted key indicators of recovery, including a 3.46% growth rate in Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves of $42 billion.
Inflation and Exchange Rate Goals
Inflation is expected to decrease from 34.6% to 15% by 2025, with the naira-dollar exchange rate projected to improve from ₦1,700 to ₦1,500 per US dollar.
Key Sector Allocations: The budget focuses on essential sectors, allocating ₦4.91 trillion for defense and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education.
Agricultural Support
A key component of the government’s agenda is revitalizing agriculture to ensure food security. This includes providing farmers with funding and resources to boost production, thereby reducing hunger and dependence on food imports.
Investment in Human Capital
More than ₦826.90 billion is earmarked for education infrastructure, including funding for nine new higher institutions. Additionally, ₦402 billion will go toward healthcare infrastructure, with ₦282.65 billion allocated for the Basic Health Care Fund.
Infrastructure Development
The Renewed Hope Infrastructure Development Fund will target energy, transportation, and public works projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
Fiscal Philosophy
The budget emphasises restoring macroeconomic stability, improving the business climate, promoting inclusive growth, and ensuring a fairer distribution of wealth.
Call for Unity
President Tinubu called for a united effort from Nigerians, leaders, and institutions to combat corruption, insecurity, and economic challenges, urging all to collaborate in building a prosperous nation.
EXTENSION OF 2024 BUDGET
Meanwhile, the President of the Senate, Senator Godswill Akpabio who is at the moment reading his welcome address said thar state in Nigeria is under the flag of Boko Haram, this made possible under your leadership.
Akpabio has also vowed saying: “We will not kill any reform in our interest, we cannot do the same thing over and over and expect a different result.
“We increased 2025 budget by 50 percent. We have extended the 2024 to June 2025 and it will be brought before you soon.
The Senate President also asked President Tinubu to caution his minister to honour every invitation extended to them and that the National Assembly will exercise its power to anyone who choose to ignore their invitation.
The President of the Senate, Goodwill Akpabio has revealed that the National Assembly has decided to extend the 2024 budget to June 2025.
He said: “We increased 2025 budget by 50 percent. We have extended the 2024 to June 2025 and it will be brought before you soon.
The Senate President also asked President Tinubu to caution his minister to honour every invitation extended to them and that the National Assembly will exercise its power to anyone who choose to ignore their invitation.
