Wednesday, December 18, 2024

President Bola Ahmed Tinubu presented Nigeria's ambitious N49.7 trillion 2025 budget proposal

President Tinubu unveils a bold N49.7 trillion 2025 budget, prioritizing security, infrastructure, education, and health while targeting 15% inflation and growth.

President Tinubu presenting the 2025 Appropriation Bill to the National Assembly.

President Bola Ahmed Tinubu presented Nigeria's ambitious N49.7 trillion 2025 budget proposal, dubbed the "Budget of Restoration: Securing Peace, Rebuilding Prosperity." Key allocations include N4.91 trillion for defence and security, N4.06 trillion for infrastructure, N3.52 trillion for education, and N2.48 trillion for health.

Tinubu aims to lower inflation from 34.6% to 15%, stabilize the naira exchange rate, and boost crude oil production to 2.06 million barrels per day. Debt servicing remains a significant expense, consuming N15.81 trillion, with a projected deficit of N13.08 trillion.

Highlighting progress, Tinubu noted foreign reserves have reached $42 billion, and trade surplus stands at N5.8 trillion. Revenue collection for 2024 hit 75% of its target, reflecting a gradual economic recovery.

“This journey is not easy, but it is necessary for Nigeria’s greatness,” Tinubu remarked, promising continued reforms to boost trade, manufacturing, and human capital. The budget also seeks to restructure the economy, improve healthcare access, and support food security.

The defence and security sector tops priorities, with increased funding to equip the military and secure the nation. Infrastructure development is also central, with significant investments in roads, railways, and public works, including the Lagos-Calabar Coastal Highway.

Tinubu emphasized social development, allocating N826.9 billion for education infrastructure and funding universal healthcare coverage through N402 billion for health facilities. The government also disbursed N34 billion to 300,000 students via the Nigeria Education Loan Fund.

The President acknowledged ongoing hardships but urged Nigerians to stay resilient. “The pains we feel now are like childbirth pains. The better days ahead will make them worthwhile,” he assured.

Senate President Godswill Akpabio praised Tinubu’s reforms, including fuel subsidy removal, increased oil production, and financial support for states. However, he stressed the need for ministers to take legislative oversight seriously and urged Nigerians to support the administration's vision.

Despite the late submission of the budget, the National Assembly pledged to pass it promptly and ensure its successful implementation. With a focus on infrastructure, human capital, and fiscal discipline, the 2025 budget seeks to restore Nigeria’s economic strength and stability.