Tinubu Proposes Ambitious N49.7 Trillion Budget For 2025 Amid Economic Reforms

President Bola Ahmed Tinubu Presents the 2025 National Budget of N49.7 Trillion

In a significant move, President Bola Ahmed Tinubu on [Insert Date] presented the proposed 2025 Appropriation Bill to the National Assembly. Titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity”, this ambitious budget is pegged at N49.7 trillion, with a projected deficit of N13 trillion to be financed through new borrowings.

The 2025 budget aims to steer Nigeria towards economic stability, security, and prosperity. Tinubu emphasized its alignment with his administration’s Renewed Hope Agenda, highlighting it as a roadmap for growth and transformation.

Key Details of the 2025 Budget

Revenue Target:
The government projects a revenue of N34.82 trillion to fund the proposed expenditure.
Budget Deficit:
A deficit of N13.08 trillion, representing 3.89% of the GDP, will be financed through domestic and international borrowings.
Strategic Allocations:
- Defence & Security: N4.91 trillion
- Infrastructure Development: N4.06 trillion
- Education: N3.52 trillion
- Healthcare: N2.48 trillion
- Debt Servicing: N15.81 trillion
Key Economic Projections:
- Oil Price Benchmark: $75 per barrel
- Oil Production: 2.06 million barrels per day
- Exchange Rate: ₦1,500 per US Dollar
- GDP Growth: 4.6%
- Inflation Rate: 15% (down from the current 34.6%)

Economic Renewal and Progress

President Tinubu highlighted significant progress made under his administration, citing:

An increase in Nigeria’s GDP growth from 2.6% to 3.5% in 2024.
A rise in foreign reserves to nearly $42 billion, strengthening the nation’s fiscal stability.
Achievements in revenue collection, meeting 75% of the 2024 target with N14.55 trillion in revenue by Q3.

Focus on Strategic Growth Areas

The 2025 budget emphasizes structural reforms to foster:

Increased exports of refined petroleum products.
Domestic food production, reducing reliance on imports.
Economic diversification to attract foreign investments.

Challenges and Criticism

While the budget presents an optimistic outlook, the opposition party, PDP, criticized it as being “anti-people” and lacking focus on critical sectors like agriculture, electricity, and SMEs. PDP argued that the projected revenue and inflation targets were unrealistic without substantial investments in the productive sector.

Speaker of the House, Abbas Tajudeen, praised the reforms but urged a reflection on Nigeria’s fiscal realities. He noted that despite Nigeria’s large population, its budget remains modest compared to other African nations.