On Wednesday, President Bola Ahmed Tinubu unveiled the 2025 Appropriation Bill to a joint session of the National Assembly, presenting a bold and transformative financial vision: the “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
This comprehensive blueprint lays the groundwork for economic revitalization, long-term growth, and a more equitable future under the Renewed Hope Agenda.
1. Budget Theme: The 2025 budget, titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is crafted to stabilize the economy, uplift the lives of citizens, and provide a strong foundation for sustainable development.
2. Revenue and Expenditure Targets: The government aims to generate ₦34.82 trillion in revenue, with a total expenditure of ₦47.90 trillion, resulting in a budget deficit of ₦13.08 trillion (3.89% of GDP), reflecting the government’s commitment to ambitious economic growth.
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3. Economic Recovery and Growth: President Tinubu pointed to a promising recovery, citing a 3.46% growth rate in Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves of $42 billion as key indicators of resilience and progress.
4. Inflation and Exchange Rate Outlook: The budget sets an ambitious target to reduce inflation from 34.6% to 15% in 2025, alongside a projected improvement in the naira-dollar exchange rate from ₦1,700 to ₦1,500 per US dollar.
5. Key Sector Allocations: Priority sectors receive significant funding, with ₦4.91 trillion allocated for defence and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for healthcare, and ₦3.52 trillion for education, signaling a holistic approach to national development.
6. Agriculture at the Core: Reviving agriculture is a top priority, with targeted support for farmers, ensuring food security, boosting local production, and reducing the nation’s reliance on food imports.
7. Investments in Human Capital: The budget commits over ₦826.90 billion to education infrastructure, including the establishment of nine new higher institutions. Healthcare also sees a major boost, with ₦402 billion allocated to infrastructure and ₦282.65 billion for the Basic Health Care Fund.
8. Infrastructure Development: The Renewed Hope Infrastructure Development Fund focuses on key projects like the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, enhancing energy, transportation, and public works to fuel progress.
9. Fiscal Philosophy: The budget is grounded in the principles of restoring macroeconomic stability, improving the business climate, fostering inclusive growth, and ensuring fair income distribution for all Nigerians.
10. A Call for National Unity: In closing, President Tinubu appealed to all Nigerians, leaders, and institutions to unite in the face of challenges, calling for collective action to tackle corruption, insecurity, and economic obstacles in order to build a prosperous and resilient nation.
