Tinubu Presents N47.9trn Budget For 2025 With Defence, Infrastructure, Education, Health Having Lion Share

President Bola Ahmed Tinubu on Wednesday, December 18, 2024 said that his administration’s 2025 budget is one of restoration that seeks to consolidate the key policies 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.

He specifically said that the budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.

Tinubu said that the 2025 budget proposal is not just another statement on projected government revenue and expenditures, but one that calls for action.

Highlights of the 2025 Budget Allocations indicated that Defence and Security has the highest allocation as it will gulp N4.91 trillion, closely followed by Infrastructure which was allocated N4.06 trillion, Education – N3.52 trillion and Health – N2.48 trillion.

Tinubu said that as we embark on implementing the 2025 Budget, the administration’s steps are deliberate just as its decisions are resolute, and its priorities clear, adding that the 2025 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.

The President who stated these on Wednesday while presenting the 2025 Appropriation Bill before the Joint session of the National Assembly, said the administration does not intend to depart from this critical path to strengthen the Nigerian economy.

He said that just as he believes in the resilience of the economy to withstand the current challenges, he also strongly believes in the resilience of the Nigerian people, thus, summoned the unstoppable Nigerian spirit to lead the Nation on as he works to rebuild the fabric of the economy and existence.

Tinubu said that the philosophy of the 2025 Budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction as well as promote equitable income distribution and human capital development.

The President said that the budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.

Tinubu said that the economy is responding positively to stimulus, adding that the objective of the administration is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.

The President further 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 socio-economic fabric of our society.

“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. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

“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. Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs,” he said.

On securing the Nation, President Tinubu noted that security is the foundation of all progress, adding that the administration 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.

He assured that the government will continue to provide the security forces with the modern tools and technology they need to keep us safe, stressing that boosting the morale of our men and women in the armed forces will remain the government’s top priority.

In his words; “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,” he said.

On infrastructure development, the President explained that when the administration launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy, adding that under the programme, the government is accelerating investments in energy, transport, and public works.

According to him; “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: Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND).

“In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions. We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria.

“In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund.

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.

“Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity.

“Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.

“Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.

“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.   33. As your President, I remain committed and resolute to continue to lead the charge.

“This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved,” Tinubu said.