..President lays N49.7tr 2025 budget estimates
By Editor
The economy is responding positively to the stimulus engineered by the ongoing reforms, President Bola Ahmed Tinubu said yesterday.
He assured that Nigerians will soon begin to reap their benefits.
The President presented the 2025 budget estimate of N49.7 trillion to a joint National Assembly session.
This figure is almost N2 trillion higher than the N47.9 trillion initially announced by the Minister of Budget and Economic Planning Sen. Atiku Bagudu.
Bagudu had said after Monday’s Federal Executive Council (FEC) meeting that some adjustments directed by the President would be made before presentation.
Defence and security received the highest sectoral allocation of N4.91 trillion.
Infrastructure got N4.06 trillion, while health and education got N2.48 trillion and N3.52 trillion.
The President said the proposal, entitled: “The restoration budget: securing peace, rebuilding prosperity” strikes at the very core of the Renewed Hope Agenda.
According to him, it demonstrates a commitment to stabilising the economy, improving lives, and repositioning the country for greater performance.
The 2025 Budget proposal, he said, reinforces his administration’s roadmap to peace, prosperity, and hope for a greater future.
“In 2025, we are targeting N34.82 trillion in revenue to fund the budget,” he said, describing it as “ambitious, but necessary to secure our future.”
According to the President, it is projected that inflation will decline from the current 34.6 to 15 per cent in 2025.
He expects the exchange rate to improve from approximately N1,700/$ to N1,500 and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
These projections, he said, are based on reduced importation of petroleum products and their increased export, bumper harvests driven by enhanced security, reduced 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.
President Tinubu said: “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway.
“It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness.
“I thank every Nigerian for embarking on this journey of reforms and transformation with us.
“The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy; that there have been difficulties and sacrifices.
“They will not be in vain. And we must keep faith in the process to arrive at our collectively desired destination.
“We must build on the progress we have made in the past 18 months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.”
He maintained that the 2025 budget seeks to consolidate the key policies to restructure her 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 our economy.
He said: “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.”
The President said the reforms are beginning to yield results, assuring that Nigerians will soon experience a better and more functional economy.
He added that the global economic growth for 2024 was projected at 3.2 per cent, while against predictions, significant progress has been made.
He said the economy grew by 3.46 per cent in the third quarter, a rise from 2.54 per cent in the third quarter of 2023, while foreign reserves now stand at nearly $42 billion, providing a robust buffer against external shocks.
Citing a National Bureau of Statistics (NBS) report, he said rising exports are reflected in the current trade surplus, which now stands at N5.8 trillion.
“These clear results of gradual recovery, among others, reflect the resilience of the economy and the impact of deliberate policy choices the country made from the outset,” he said.
On increased allocation for security, the President said the government would continue to provide modern tools and technology needed to keep the country safe.
“Boosting the morale of our men and women in the armed forces will remain our government’s top priority,” he said.
President Tinubu added that the government is supporting our farmers with funding and inputs to reignite productivity as food security is non-negotiable.
“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,” he said.
The President said the Renewed Hope Infrastructure Development Fund was launched with the conviction that infrastructure remains the backbone of every thriving economy.
“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,” he said.
President Tinubu said the Nigeria Education Loan Fund (NELFUND) has so far disbursed N34 billion to over 300,000 students.
He said N826.90 billion was earmarked for infrastructure development in the educational sector in 2025, including Universal Basic Education (UBEC) and nine new higher educational institutions.
On health, the President said: “We are convinced that universal health coverage initiatives will strengthen primary healthcare systems across Nigeria.
“We have allocated N402 billion for infrastructure investments in the health sector in the 2025 budget and another N282.65 billion 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 access and reducing medical import dependency
