In a landmark session at the National Assembly, President Bola Ahmed Tinubu presented Nigeria’s 2025 Budget Proposal, aptly christened the Budget of Restoration. With a record allocation of ₦47.9 trillion, the budget is designed to address pressing national challenges, foster economic stability, and build a pathway toward prosperity.
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A Budget with Bold Aspirations
Amid heightened anticipation, President Tinubu delivered a comprehensive 30-minute speech, underscoring the government’s commitment to restoring macroeconomic stability. He emphasized that the 2025 budget is not just a financial document but a strategic plan aimed at addressing insecurity, improving infrastructure, and prioritizing education and health.
“This budget is not just another statement of projected government revenue and expenditure; it is one that calls for action,” the President declared passionately.
Breaking Down the Allocations
The Restoration Budget allocates substantial resources to critical sectors:
- Defence and Security: ₦4.91 trillion to combat insecurity and foster national peace.
- Infrastructure: ₦4.06 trillion for roads, bridges, and transportation networks.
- Education: ₦3.5 trillion to empower the youth and bridge learning gaps.
- Health: ₦2.4 trillion to improve healthcare delivery and infrastructure.
Tinubu also highlighted the ambitious revenue target of ₦34.8 trillion for 2025, with a projected expenditure of ₦47.9 trillion, resulting in a ₦13 trillion deficit, equivalent to 3.89% of GDP.
Economic Indicators and Reforms
The President announced several optimistic economic projections for 2025:
- Inflation: Expected to drop from 34.6% to 15%.
- Exchange Rate: Projected improvement from ₦1,700/$1 to ₦1,500/$1.
- Crude Oil Production: Pegged at 2.06 million barrels per day.
- Petroleum Imports and Exports: Anticipated reduction in imports and a boost in refined petroleum exports.
A Call to Action: Addressing Existential Threats
Tinubu acknowledged the significant challenges facing Nigeria, particularly corruption, insecurity, and food scarcity. However, he reiterated the administration’s resolve to surmount these obstacles through collaboration and decisive action.
“Our nation faces an existential threat from corruption and insecurity. These challenges are surmountable when we work collaboratively. The time for lamentation is over. The time to act is now,” Tinubu urged.
Food Security and Prosperity
The President emphasized food security as a top priority, assuring Nigerians that the government is taking bold steps to ensure no citizen goes to bed hungry.
“We are committed to ensuring Nigerians have enough to feed and live a prosperous life. Food security is non-negotiable,” he stated.
Accompanying Dignitaries
The President’s budget presentation was witnessed by key officials, including Secretary to the Government of the Federation George Akume and Chief of Staff Femi Gbajabiamila, alongside other top government personnel.
Looking Ahead
The Restoration Budget reflects the administration’s long-term vision for a secure, prosperous, and inclusive Nigeria. By addressing fundamental issues in security, education, and infrastructure, the government aims to lay the groundwork for sustainable economic growth.
For the full details, visit the original report on Channels TV.
