Fellow Nigerians,
In line with my constitutional duty and unwavering commitment to Nigeria’s development, I present the 2025 Budget to the Joint Session of the 10th National Assembly. This proposal comes at a crucial juncture in our nation’s growth, signaling the next step towards securing a prosperous future.
The 2025 Budget, aptly titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” underscores our administration’s dedication to stabilizing the economy, improving lives, and positioning Nigeria for greater success. It is a continuation of the economic renewal and institutional development journey we began 18 months ago. I thank all Nigerians for supporting this path of reforms and transformation.
The Path to Economic Growth and Renewal
This journey is not without challenges, but the road of reforms, though difficult, is essential for Nigeria’s progress. We have made significant strides in restructuring the economy, ensuring it can withstand global downturns and future challenges. The 2025 Budget builds on these achievements, with key initiatives to strengthen the economy, improve human capital, boost trade and investments, and enhance oil and gas production, alongside revitalizing the manufacturing sector.
Our economy has shown resilience despite global uncertainties, with a growth rate of 3.46% in Q3 2024, surpassing 2023’s 2.54%. Nigeria’s foreign reserves now stand at nearly $42 billion, providing a strong buffer against external shocks. Our export growth is reflected in a trade surplus of 5.8 trillion naira.
2025 Budget: Key Objectives and Allocations
The 2025 Budget aims to secure macroeconomic stability, foster inclusive growth, create job opportunities, and promote human capital development. We are targeting 34.82 trillion naira in revenue to fund the budget, with an expenditure projection of 47.90 trillion naira, including 15.81 trillion naira for debt servicing. This budget will support economic recovery, focusing on reducing inflation, improving exchange rates, and boosting oil production.
Increased funding will be directed to critical sectors such as defence and security, infrastructure, health, and education. The proposed allocations include:
- Defence and Security: N4.91 trillion
- Infrastructure: N4.06 trillion
- Health: N2.48 trillion
- Education: N3.52 trillion
Strengthening National Security and Infrastructure
National security is the bedrock of progress. The 2025 Budget reflects a significant increase in funding for the military, paramilitary, and police forces to ensure the safety of Nigerians and protect national borders. We are committed to providing our security forces with modern technology and tools to defeat insurgency and other threats to our sovereignty.
Infrastructure development remains a priority, with key investments in energy, transport, and public works. The Renewed Hope Infrastructure Development Fund will drive critical projects such as the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will boost economic growth and job creation.
Investing in Human Capital and Healthcare
Our greatest resource is our people, which is why we are prioritizing education, healthcare, and social services. The government has already disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we are allocating 826.90 billion naira for education infrastructure, including funding for Universal Basic Education (UBEC) and new higher education institutions.
The health sector will receive 402 billion naira for infrastructure development and 282.65 billion naira for the Basic Health Care Fund, aimed at revitalizing hospitals and ensuring quality care. These investments align with our goal of Universal Health Coverage and reducing Nigeria’s reliance on medical imports.
Driving Food Security and Agricultural Growth
Food security is central to our agenda, but insecurity has hindered agricultural productivity. We are committing to support farmers with funding and resources to increase food production, ensuring every Nigerian has access to sufficient food. This aligns with our strategy to boost agricultural production and reduce food imports.
The Way Forward: A Time for Action
The 2025 Budget is not just a proposal for revenue and expenditures but a call for action. Nigeria faces challenges, including corruption and insecurity, but we can overcome these by working together. This is a time to boost investment in the private sector, encourage civil servants to execute policies effectively, and for every Nigerian to be hopeful for a brighter future.
As your President, I am committed to leading the charge in implementing this Restoration Budget to build a safer, more prosperous Nigeria. This budget lays the foundation for national growth and stability, ensuring that every citizen can thrive in a peaceful, secure environment.
With deep gratitude, I present the 2025 Budget, “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” to the distinguished members of the National Assembly.
May God bless Nigeria and our Armed Forces.
Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of the Armed Forces,
Federal Republic of Nigeria
