- President pledges renewed hope, peace, and prosperity
In a joint session of the National Assembly on Wednesday, December 18, 2024, President Bola Ahmed Tinubu unveiled the 2025 Budget of Restoration, themed “Securing Peace, Rebuilding Prosperity.” This ambitious fiscal plan is designed to stabilize Nigeria’s economy, improve security, and lay the foundation for long-term national growth.
Delivering the budget address, President Tinubu highlighted the administration’s achievements over the past 18 months and emphasized the critical reforms undertaken to strengthen the economy and rebuild institutions.
“This budget consolidates our roadmap for securing peace, driving economic stability, and providing hope for a better future,” President Tinubu stated.
Economic Achievements and Projections
The president detailed the nation’s recovery trajectory:
- GDP growth of 3.46% in Q3 2024, up from 2.54% in 2023.
- Foreign reserves standing at $42 billion, providing a robust economic buffer.
- A trade surplus of ₦5.8 trillion, reflecting increased export activity.
For 2025, the budget projects total revenue of ₦34.82 trillion and expenditure of ₦47.90 trillion, including ₦15.81 trillion for debt servicing. The fiscal deficit is expected to be ₦13.08 trillion, representing 3.89% of GDP. Inflation is projected to drop to 15%, with the naira exchange rate improving to ₦1,500 per USD.
Key Budget Allocations
- Defence and Security: ₦4.91 trillion to bolster national security.
- Infrastructure Development: ₦4.06 trillion for energy, transport, and public works.
- Education: ₦3.52 trillion, including ₦826.90 billion for infrastructure.
- Healthcare: ₦2.48 trillion to support Universal Health Coverage and revitalization of public healthcare facilities.
Strategic Priorities
The president reaffirmed the government’s commitment to human capital development, food security, and private sector growth. Initiatives like the Renewed Hope Infrastructure Development Fund and the Nigeria Education Loan Fund were spotlighted as transformative projects.
“This budget reflects our determination to build a stronger, more resilient Nigeria,” Tinubu declared, urging collective action to tackle challenges such as insecurity and corruption.
Call to Action
Concluding his presentation, President Tinubu underscored the budget as a call for unity and decisive action.
“The time for lamentation is over. Together, we can rewrite Nigeria’s narrative and achieve the brighter future we all envision,” he said.
The National Assembly will now deliberate on the budget proposal, which aims to secure peace, rebuild prosperity, and solidify the nation’s path toward sustainable development.
