President Bola Tinubu today,Wednesday December 18 presented to the 10th Bational Assembly 2025 appropriation bill for thereconsiderationandapproval. .
Titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” the President made the presentation during joint plenary of the National Assembly today, Wednesday.
During the presentation , President Tinubu gave a breakdown of allocation for each sector of the economy.
President Tinubu explained that the 2025 budget is expected to drive inflation from 34.6% to 15% in 2025 while exchange rate is expected to deescalate from approximately 1,700 Naira per US dollar to 1,500 naira.
The President also explained that crude oil production is expected to increase to 2.06 million barrels per day (mbpd).
President Bola Tinubu said the 2025 budget tells a bold and exciting story of the direction of his administration intends to take to revamp the “socio-economic fabric of our society”.
The President said government targets 34.82 trillion naira in revenue to fund the budget. It is expected that Goment expenditure in the year is projected to be 49.7 trillion naira, including 15.81 trillion naira for debt servicing.
“Total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit. This is ambitious but necessary budget to secure our future,” President Tinubu said.
Highlight of Allocation for the major sector of the economy.
● Defence and Security: 4.91 trillion naira
● Infrastructure: 4.06 trillion naira
●Health: 2.48 trillion naira
● Education: 3.52 trillion naira
Security
President Tinubu said the budget is a significant funding for the military, paramilitary, and police forces to secure the country; protect borders, and consolidate government control ova over every inch “of our national territory”.
He promised that his administration will continue to provide Nigeria security forces with modern tools and technology that will keep Nigerians safe.
“The officers, men, and women of our Armed Forces and the Nigerian Police Force will be their shields and protectors of our nation,” he stated.
“Our administration go continue to empower dem to defeat insurgency, banditry, and all threat to our sovereignty. Our people will no longer live in fear – whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.”
Infrastructure development
President Tinubu explained that his administration has ready started key projects on the Lagos-Calabar highway and Sokoto-Badagry highway impact in the lives of Nigerians and drive economic output.
He said the renewed hope infrastructure development fund will improve investments in energy, transport, and public works by leveraging on private capital that will help to complete key projects which will drive growth and create jobs for Nigeria.
Education
President Tinubu said government has made provision for 826.90 billion naira for infrastructure development in the educational sector for in 2025 budget.
The allocation also covers Universal Basic Education (UBEC) and nine new higher educational institutions.
Health
The President said has allocated 402 billion naira for infrastructure investments in the health sector for in the year 2025 budget and another 282.65 billion naira for the Basic Health Care Fund.
He promised that hospitals will be revitalised with better medication, resources, that will provide Nigerians with quality healthcare.
“This is consistent with the federal planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency,” he said.
He added that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria.
Agriculture
On Agriculture, President Bola Tinubu said his administration will support farmers with funding that will reignite productivity.
He added that food security is not negotiable and that government will take bold steps to ensure that every Nigerian feeds conveniently, and Nigerians will no longer go to bed hungry.
“Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We will support our farmers with funding and inputs to reignite productivity,” President Tinubu said.(www.krestnews.com)