Titled “The Budget of Restoration,” the proposal aims to address national priorities, rebuild the economy, and secure Nigeria’s future.
Tinubu described the budget as “ambitious but necessary,” with a strong focus on economic stability, growth, and development.
The budget deficit, estimated at N13.08 trillion, will be financed through borrowing, split between domestic and foreign loans.
The government projects revenue of N34.82 trillion and total expenditure of N47.90 trillion. Debt servicing will account for N15.81 trillion, representing 3.89% of the country’s GDP.
Key economic goals include reducing inflation from 34.6% to 15% by the end of 2025, stabilizing the naira at N1,500 to the dollar, and increasing crude oil production to 2.06 million barrels per day.
Tinubu attributed these projections to improved petroleum exports, better security, and stronger foreign exchange inflows.
The budget prioritizes critical areas, with key allocations as follows:
Tinubu emphasized the importance of security funding, noting that increased investment in the armed forces, paramilitary units, and police is critical to combating insecurity and restoring public confidence.
“Insecurity undermines productivity and prosperity. Our administration is committed to ensuring Nigerians live without fear in their homes, farms, and cities,” he said.
The President highlighted major projects under the Renewed Hope Infrastructure Development Fund, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. These initiatives aim to boost economic growth and create jobs nationwide.
Education and healthcare received significant allocations, with over N826.90 billion set aside for educational infrastructure, including Universal Basic Education (UBEC) and nine new higher institutions.
In healthcare, N402 billion is earmarked for infrastructure development, while N282.65 billion will go to the Basic Healthcare Fund.
“Our people are our greatest resource,” Tinubu declared. “We are making record investments to ensure quality education and healthcare services for every Nigerian.”
Tinubu outlined plans to support farmers and enhance agricultural productivity, addressing food insecurity and aiming to eliminate hunger.
Despite challenges like insecurity, he expressed optimism about reviving the sector to ensure adequate food supplies.
The President called on Nigerians to work together to overcome the country’s challenges, urging collaboration between the public and private sectors to achieve a prosperous future.
He said, “This is not just a statement of government revenue and expenditures. It is a call to action—a call to rewrite our nation’s narrative and secure a brighter future for all.”
KanyiDaily recalls that President Bola Tinubu recently authorized free train rides across Nigeria from December 20, 2024, to January 5, 2025, to reduce transportation costs during the Christmas and New Year festivities.
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