A moment of levity punctuated the otherwise serious proceedings of the 2025 budget presentation on Wednesday when President Bola Tinubu mistakenly referred to the 10th National Assembly as the 11th.
Presenting the ₦47.9 trillion “Budget of Restoration” before a joint session of the House of Representatives and the Senate, Tinubu began his 30-minute address at 12:40 pm. The session was marked by cheers, particularly from lawmakers of his All Progressives Congress (APC), and followed an introductory speech by Senate President Godswill Akpabio.
“In fulfilment of one of my constitutional duties and unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 budget to the joint session of the 11th National Assembly,” Tinubu announced.
The declaration prompted laughter and cheers from the lawmakers, many of whom were quick to correct him, shouting that the current assembly is the 10th. Smiling, the President responded with a witty remark: “I wrote 11, which means you are all re-elected.”
Tinubu went on to outline key aspects of the budget, including:
- Defence and Security: ₦4.91 trillion
- Infrastructure: ₦4.06 trillion
- Health: ₦2.4 trillion
- Education: ₦3.5 trillion
The President described the 2025 budget as one designed to restore macroeconomic stability, enhance the business environment, foster inclusive growth, and promote poverty reduction and human capital development.
He projected ₦34.8 trillion in revenue to fund the budget, with total government expenditure estimated at ₦47.9 trillion. Of this, ₦15.81 trillion is earmarked for debt servicing, and the budget deficit is set at ₦13 trillion, equivalent to 3.89% of GDP.
“This is an ambitious but necessary budget to secure our future,” Tinubu said, adding that inflation is expected to drop from 34.6% to 15% in 2025, while the exchange rate is projected to improve from approximately ₦1,700 to ₦1,500 per dollar.
The President also set a crude oil production target of 2.06 million barrels per day for 2025, with expectations of decreased reliance on imported petroleum products and increased exports of refined petroleum products.
