ABUJA: President Bola Tinubu has unveiled the 2025 Budget Proposal, which he has dubbed the “Budget of Restoration,” aiming to restore macro-economic stability and promote sustainable growth. The ₦47.9 trillion proposal was presented to a joint session of the National Assembly on Wednesday afternoon.
In his 30-minute speech, President Tinubu highlighted key sectors receiving substantial funding in the proposed budget, including security and defence (₦4.91tn), infrastructure (₦4.06tn), health (₦2.4tn), and education (₦3.5tn).
“I am pleased to present to this distinguished joint session the 2025 Budget, titled ‘The Restoration Budget,’ which will focus on security, peace, and building prosperity,” Tinubu said as he concluded his address at 1:10 PM on Wednesday.
The President outlined that the primary objectives of the 2025 budget are to restore macro-economic stability, improve the business environment, promote inclusive growth, and reduce poverty. He also emphasized the government’s focus on equitable income distribution and human capital development.
The 2025 budget aims to generate ₦34.8tn in revenue to fund the budget, with total government expenditure projected at ₦47.9tn, including ₦15.81tn for debt servicing. A deficit of ₦13tn (3.89% of GDP) is expected. Tinubu described this as an ambitious but necessary plan for securing the nation’s future.
The President also projected a decline in inflation from 34.6% to 15% by 2025 and an improvement in the exchange rate from ₦1,700 per dollar to ₦1,500 per dollar.
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Reforms Yielding Results, No Turning Back
The President also shared projections regarding the oil sector, setting crude oil production at 2.06 million barrels per day for 2025. He noted a reduction in the importation of finished petroleum products, with an increase in the export of refined products.
Thanking Nigerians for their support over the past 18 months of reform and transformation, Tinubu expressed confidence that the economy is responding positively to government stimulus. “The reforms are yielding results, and there will be no reversals,” he affirmed.
Food security, he stressed, is non-negotiable, with measures in place to ensure that Nigerians have access to food and are not left hungry.
Call for Action
In closing, Tinubu declared that the 2025 budget is not merely a financial statement but a call to action. “Our nation faces existential threats from corruption and insecurity,” he said, emphasizing that these challenges can be overcome through collective effort. “The time for lamentation is over. The time to act is now.”
Tinubu was joined at the budget presentation by top government officials, including the Secretary to the Government of the Federation, George Akume, and Chief of Staff to the President, Femi Gbajabiamila. The presentation, initially scheduled for Tuesday, was postponed to Wednesday following a Federal Executive Council (FEC) meeting earlier in the week.
