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Tinubu Presents N49.7tn 2025 “Restoration Budget” to National Assembly
President Bola Tinubu on Wednesday presented a total budget of N49.7 trillion to the joint session of the National Assembly, titled “Restoration Budget: Securing Peace and Building Prosperity.”
President Tinubu emphasized that the budget aims to restore macroeconomic growth, strengthen the economy, and build a foundation for prosperity. He commended Nigerians for their resilience in the face of challenging economic conditions.
“In 2024, our economy was projected to grow by 3.2%. However, against all predictions, we have made remarkable progress. Our economy grew by 3.46%. This progress has paved the way for the 2025 budget,” he stated.
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The President also projected that inflation would decline in the coming year, with projections indicating a reduction from the current rate of 34.6% to 15% in 2025. Additionally, he pledged efforts to stabilize the foreign exchange rate, aiming to improve it from N1700 per dollar to N1500.
Tinubu cited key drivers of these projections, including reducing reliance on imported petroleum products, enhancing exports of refined petroleum products, promoting food self-sufficiency through improved agricultural security, and attracting increased foreign portfolio investments.
The President highlighted that crude oil production would remain a key economic driver, with upstream oil and gas production costs also being a focus for reduction.
Providing a budget breakdown, President Tinubu noted that N4.91 trillion would be allocated to Defence and Security, N4.06 trillion to Housing, N2.48 trillion to Health, and N3.58 trillion to Education.
President Tinubu reassured Nigerians that the time for lamentations had passed and that the administration was ready to take decisive action to address pressing challenges.
“I hereby lay down the 2025 budget before the National Assembly, titled, ‘Restoration Budget: Securing Peace and Building Prosperity,’” he concluded.
