President Bola Ahmed Tinubu presented the 2025 budget proposal of ₦49.7 trillion to a joint session of the National Assembly in Abuja, targeting an ambitious reduction in inflation from 34.6% to 15%. The proposed budget, themed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” allocates the largest share of ₦4.91 trillion to defence and security, followed by ₦4.06 trillion for infrastructure, ₦3.52 trillion for education, and ₦2.48 trillion for health.

Tinubu described the budget as central to his Renewed Hope Agenda, aiming to stabilize the economy, improve lives, and boost national performance. He highlighted fiscal strategies to secure peace, stimulate investments, and increase oil and gas production. Other priorities include food security, infrastructure development, universal healthcare, and education reforms.

Budget Highlights:

• Defence & Security: ₦4.91 trillion to enhance military capabilities, boost morale, and modernize equipment.
• Infrastructure: ₦4.06 trillion to complete major projects like the Lagos-Calabar Coastal Highway.
• Education: ₦3.52 trillion, including ₦826.9 billion for infrastructure and disbursements to over 300,000 students through the Nigeria Education Loan Fund (NELFUND).
• Healthcare: ₦2.48 trillion to improve primary care, with ₦402 billion earmarked for infrastructure upgrades.

Tinubu also reported economic progress, including a 3.46% GDP growth in Q3 2024 and a trade surplus of ₦5.8 trillion. However, he acknowledged challenges in revenue collection, proposing reforms to expand the tax base and reduce reliance on borrowing.

Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas praised Tinubu’s economic reforms but noted the late submission of the budget. Akpabio extended the lifespan of the 2024 budget to June 2025 and emphasized the importance of collaboration for the success of the 2025 fiscal plan. Abbas highlighted Nigeria’s low tax-to-GDP ratio and called for urgent reforms to enhance revenue and reduce fiscal constraints.

The 2025 budget underscores Tinubu’s commitment to restoring economic stability, security, and human capital development. As the government implements fiscal and economic reforms, the administration hopes to navigate current challenges while fostering growth and prosperity for Nigerians.