Key Highlights from Tinubu’s 2025 Budget Speech

President Bola Ahmed Tinubu presented the 2025 Appropriation Bill to the National Assembly on Wednesday, unveiling a comprehensive plan themed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”

The proposal aims to stabilize Nigeria’s economy, drive inclusive growth, and address pressing national challenges under the Renewed Hope Agenda.

Here are the major highlights from the president’s budget speech:

1. Budget Theme: The 2025 budget is titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” focusing on economic stability, improved livelihoods, and sustainable growth.
2. Revenue and Expenditure Targets: The government anticipates ₦34.82 trillion in revenue and ₦47.90 trillion in expenditures, resulting in a ₦13.08 trillion deficit, equivalent to 3.89% of GDP.
3. Economic Resilience: Tinubu pointed to encouraging indicators, including a Q3 2024 growth rate of 3.46%, a trade surplus of ₦5.8 trillion, and foreign reserves standing at $42 billion.
4. Inflation and Currency Goals: Inflation is expected to drop from 34.6% to 15% by 2025, with the naira-dollar exchange rate improving from ₦1,700 to ₦1,500 per US dollar.
5. Priority Sectors: Key allocations include ₦4.91 trillion for defence and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education.
6. Agriculture Support: To combat food insecurity, the government plans to provide funding and resources for farmers, aiming to boost domestic food production and reduce dependence on imports.
7. Human Capital Development: Education infrastructure receives ₦826.90 billion, including provisions for nine new institutions. In health, ₦402 billion will go towards infrastructure, with ₦282.65 billion allocated to the Basic Health Care Fund.
8. Infrastructure Investment: The Renewed Hope Infrastructure Development Fund prioritizes energy, transportation, and public works. Noteworthy projects include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
9. Fiscal Philosophy: The budget highlights macroeconomic stability, a better business environment, equitable income distribution, and fostering inclusive growth.
10. Call for Unity: Tinubu appealed for collective action from citizens and institutions to address corruption, insecurity, and economic hurdles, emphasising the need for national unity in building a prosperous Nigeria.