ABUJA – President Bola Tinubu yesterday presented the proposed 2025 Appropriation Bill of N49.7 trillion to the National Assembly, with a promise to restore peace, prosperity, and hope to Nigerians.
The budget, which is 35% higher than the 2024 budget, is predicated on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,500 to the US dollar.
According to the President, the budget is designed to consolidate the key policies of his administration, including the security of lives and property, infrastructural development, education, and healthcare delivery.
“We are targeting N34.82 trillion in revenue to fund the budget, with government expenditure projected to be N47.90 trillion, including N15.81 trillion for debt servicing,” President Tinubu said.
The President also announced that the budget deficit would be N13.08 trillion, representing 3.89% of the country’s Gross Domestic Product (GDP).
In his address to the National Assembly, President Tinubu said the budget would restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development.
The President also expressed his administration’s commitment to leading the charge towards a brighter future for the nation, saying “the time for lamentation is over; this is a time to act, a time to support and promote greater investment in the private sector.”
Reactions
The Speaker of the House of Representatives, Abbas Tajudeen, described the budget as “ambitious and commendable,” but noted that Nigeria’s fiscal realities warrant critical reflection.
The Peoples Democratic Party (PDP), however, reacted negatively to the budget, describing it as “anti-people” and “hopeless.”
Budget Breakdown
- Defence and Security: N4.91 trillion
- Infrastructure: N4.06 trillion
- Education: N3.52 trillion
- Health: N2.48 trillion
- Debt Servicing: N15.81 trillion
The National Assembly is expected to begin deliberations on the budget proposal soon.
