President Bola Ahmed Tinubu of Nigeria presented the 2025 Appropriation Bill to the National Assembly, unveiling the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” Focused on economic stabilization, inclusivity, and growth, the ambitious budget is a critical step in Tinubu’s Renewed Hope Agenda. Here are the ten key takeaways from the President’s budget speech:
1. Theme of the Budget
The 2025 budget is titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” It emphasizes stabilizing the economy, improving lives, and laying a foundation for sustainable growth under the administration’s Renewed Hope Agenda.
2. Ambitious Revenue and Expenditure Projections
Tinubu projected ₦34.82 trillion in revenue and ₦47.90 trillion in expenditures, with a fiscal deficit of ₦13.08 trillion (3.89% of GDP). He described the deficit as a necessary investment for securing Nigeria’s future.
3. Economic Recovery and Resilience
Tinubu highlighted signs of recovery, including a 3.46% economic growth rate in Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves of $42 billion. These metrics signal a pathway to resilience and stability.
4. Inflation and Exchange Rate Targets
Inflation is projected to decrease from 34.6% to 15% in 2025. Similarly, the naira-dollar exchange rate is expected to improve from ₦1,700 to ₦1,500, fueled by reduced importation, increased exports, and higher foreign exchange inflows.
5. Key Allocations
The budget prioritizes critical sectors:
• Defence and security: ₦4.91 trillion
• Infrastructure: ₦4.06 trillion
• Health: ₦2.48 trillion
• Education: ₦3.52 trillion
6. Support for Agriculture
Agriculture is central to the government’s agenda, aiming to ensure food security. Farmers will receive funding and inputs to boost production, reduce hunger, and lessen reliance on food imports.
7. Human Capital Investments
Over ₦826.90 billion is allocated for educational infrastructure, including the establishment of nine new higher institutions. In healthcare, ₦402 billion will go toward infrastructure, with ₦282.65 billion allocated to the Basic Health Care Fund.
8. Infrastructure Development
The Renewed Hope Infrastructure Development Fund prioritizes energy, transportation, and public works. Major projects include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, signaling a commitment to national development.
9. Fiscal Philosophy
The budget emphasizes restoring macroeconomic stability, fostering an inclusive business environment, and promoting equitable income distribution to reduce poverty and unemployment.
10. Call for Collective Action
Tinubu urged all Nigerians to join in tackling corruption, insecurity, and economic challenges. He called for unity and collaboration among leaders, institutions, and citizens to build a prosperous and secure Nigeria.
The 2025 budget reflects President Tinubu’s vision for a restored, stable economy driven by shared responsibility and bold reforms.
