President Bola Tinubu has proposed a budget of N47.9 Trillion Naira only for the fiscal year 2025.
Presenting the proposed budget christened “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” before the joint sitting of the National Assembly on Wednesday, the President explained that the 2025 Budget Proposal reinforces his administration’s roadmap to secure peace, prosperity, and hope for a greater future for the nation.
In a statement on Wednesday, Special Adviser to the President on Information & Strategy, Bayo Onanuga quoted the President as saying the budget seeks to consolidate the key policies that his administration have instituted to restructure the economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get the manufacturing sector humming again and ultimately increase the competitiveness of the economy.
“We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory”
According to the statement, President Tinubu noted that the numbers for the 2025 budget proposal tell a bold and exciting story of the direction his administration is taking to retool and revamp the socio-economic fabric of the nation.
“In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
“Government expenditure in the same year is projected to be 47.90 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”
Highlights of the 2025 Budget Allocations indicates that, Defence and Security is allocated N4.91 trillion, Infrastructure-N4.06 trillion, Health-N2.48 trillion while Education takes N3.52 trillion
