On Wednesday, December 18, 2024, President Bola Tinubu presented the 2025 budget proposal, dubbed the “Budget of Restoration,” to a joint session of the National Assembly. The proposed budget aims to restore macro-economic stability, enhance the business environment, and promote inclusive growth.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of Nigeria titled, ‘The Restoration Budget’ securing peace, building prosperity,” Tinubu said, concluding his 30-minute speech.
The budget allocates significant funds to various sectors, including defence and Security ₦4.91tn, infrastructure₦4.06tn, health ₦2.4tn, education ₦3.5tn.
Tinubu emphasized that the 2025 budget seeks to “restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, promote equitable income distribution and human capital development.”
The budget proposal projects a revenue of ₦34.8tn, with a government expenditure of ₦49.7tn, including ₦15.81tn for debt servicing. The budget deficit is expected to be ₦13.0tn, or 3.89% of GDP.
Tinubu expressed optimism about the economy, stating that it is “responding positively to stimulus.” He also projected that inflation will decline from 34.6% to 15% in 2025, while the exchange rate will improve from approximately ₦1,700 per dollar to ₦1,500.
The President emphasized the importance of food security, stating that it is “non-negotiable.” He also called for collective action to address the challenges facing the nation, saying, “Our nation faces existential threats from corruption and insecurity . These challenges are surmountable when we work collaboratively.”
Tinubu’s 2025 budget proposal is approximately ₦20tn higher than the 2024 budget. The proposal is expected to be reviewed and approved by the National Assembly.
