President Bola Ahmed Tinubu on Wednesday presented the 2025 Appropriation Bill to a joint session of the National Assembly, and outlined key highlights in his budget speech.
Tinubu unveiled an ambitious financial blueprint under the theme, “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
This proposal is aimed at stabilizing the economy, fostering an equitable business environment, and promoting inclusive growth.
Below are 10 key takeaways from the President’s 2025 budget speech:
Budget Theme: The 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is designed to stabilize the economy, improve living standards, and lay the groundwork for sustained growth under the Renewed Hope Agenda.
Revenue and Expenditure Targets: The government projects ₦34.82 trillion in revenue and ₦47.90 trillion in expenditures, resulting in a budget deficit of ₦13.08 trillion (3.89% of GDP).
Economic Recovery and Resilience: President Tinubu highlighted key indicators of recovery, including a 3.46% growth rate in Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves of $42 billion.
Inflation and Exchange Rate Goals: Inflation is expected to decrease from 34.6% to 15% by 2025, with the naira-dollar exchange rate projected to improve from ₦1,700 to ₦1,500 per US dollar.
Key Sector Allocations: The budget focuses on essential sectors, allocating ₦4.91 trillion for defense and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education.
Agricultural Support: A key component of the government’s agenda is revitalizing agriculture to ensure food security. This includes providing farmers with funding and resources to boost production, thereby reducing hunger and dependence on food imports.
Investment in Human Capital: More than ₦826.90 billion is earmarked for education infrastructure, including funding for nine new higher institutions. Additionally, ₦402 billion will go toward healthcare infrastructure, with ₦282.65 billion allocated for the Basic Health Care Fund.
Infrastructure Development: The Renewed Hope Infrastructure Development Fund will target energy, transportation, and public works projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
Fiscal Philosophy: The budget emphasises restoring macroeconomic stability, improving the business climate, promoting inclusive growth, and ensuring a fairer distribution of wealth.
Call for Unity: President Tinubu called for a united effort from Nigerians, leaders, and institutions to combat corruption, insecurity, and economic challenges, urging all to collaborate in building a prosperous nation.
(Vanguard News)
