President Bola Tinubu, yesterday, presented the 2025 Appropriation Bill before a jointsession of the National Assembly, with defence and security receiving the highest allocation of N4.91 trillion.
Themed, “Budget of Restoration: Securing Peace, Rebuilding Prosperity”, the N49.7 trillion bill allocated N4.06 trillion to infrastructure, N3.52 trillion to education and N2.48 trillion to health.
While the government is targeting N34.82 trillion in revenue to fund the 2025 budget, N15.82 trillion is for debt servicing.
Meanwhile, a total of N13.08 trillion or 3.89 per cent of GDP will make up the budget deficit. The president 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 socioeconomic fabric of our society.
“This is an ambitious but necessary budget to secure our future. The budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately N1,700 : US dollar to N1,500, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“Budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
“As we embark on implementing the 2025 budget, our steps are deliberate, our decisions resolute, and our priorities are clear.
This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.”
He explained that these projections are based on the following observations: “Reduced importation of petroleum products alongside increased export of finished petroleum products; “Bumper harvests driven by enhanced security, reducing reliance on food imports;
“Increased foreign exchange inflows through Foreign Portfolio Investments, and “Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.” On security, the President said: “Security is the foundation of all progress.
We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.
“The government will continue to provide our security forces with modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.
“The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. “Our people should never live in fear— whether on their farmlands, highways or cities.
By restoring peace, we restore productivity, revive businesses, and rebuild our communities.” On infrastructure, the President noted that when the Renewed Hope Infrastructure Development Fund was launched, it was with the conviction that infrastructure remains the backbone of every thriving economy.
“Under this programme, we are accelerating investments in energy, transport, and public works. “By leveraging private capital, we hope to complete key projects that drive growth and create jobs.
We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.
“Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services.”
