The Nigerian President, Bola Ahmed Tinubu, says his administration targets the sum of N34.82trn revenue to fund the year 2025 budget.
President Tinubu made this known on Wednesday during the presentation of the 2025 appropriation bill to the joint session of the 10th National Assembly.
The President also stated that the projections are based on a reduction in the importation of Petroleum products alongside increased export of finished petroleum products.
He listed other observations to include bumper harvests, driven by enhanced security, reducing reliance on food imports as well as increased foreign exchange inflows through Foreign Portfolio Investments.
The President also mentioned higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs as part of the observations for generating the N34trn revenue.
He further hinted that Nigeria’s Foreign Reserves now stand at nearly 42 billion US dollars, “providing a robust buffer against external shocks.”
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.”
Read Also: President Tinubu Presents N47.9tn 2025 Budget To National Assembly
The Nigerian Leader asserts that the successes indicated clear results of gradual recovery and reflected the resilience of Nigeria’s economy as well as the impact of deliberate policy choices of his administration.
President Tinubu stated that government expenditure in the year 2025 is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
“This is an ambitious but necessary budget to secure our future.”
Inflation Decline
The President assured that the Budget projects inflation decline from the current rate of 34.6 percent to 15 percent in the year 2025, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira.
The President assured that the Budget projects inflation to decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
Implementing 2025 Budget
President Tinubu said the 2025 appropriation reflects the renewed commitment of his administration to strengthening the foundation of a robust economy while ensuring growth and development in the critical sectors of the economy.
“As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear.
“This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for the growth and development we envision.”
He added that the budgetary allocations underscore the Bola Ahmed Tinubu-led administration’s strategic priorities, specifically in advancing the Renewed Hope Agenda and achieving its developmental objectives.
President Tinubu highlighted that the significant N4.91trn budgetary allocation to Defence and security is to ensure the military, paramilitary, and police forces secure the nation, protect the borders, and consolidate government control over every inch of the Nigerian national territory.
He pledged his administration’s continued support for security forces to provide them with the modern tools and technology they need to keep the nation safe.
On Infrastructure, the President emphasized that the N4.06 trillion allocation is to accelerate investments in energy, transport, and public works.
He said the government intends to achieve this by leveraging private capital and intends to complete key projects that drive growth and create jobs.
“We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.”
Revitalizing Agriculture
President Tinubu promised funding support for farmers in Nigeria stressing that food security is non-negotiable and that increasing agricultural production is central to the food security agenda of his administration.
“We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.”
The President further disclosed that through the N3.52b budgetary allocations to education in the 2025 budget, the federal government has made provision for 826.90 billion naira for infrastructure development in the educational sector.
“In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.”
Additionally, to strengthen the healthcare systems across Nigeria, the Nigerian Leader announced a budgetary allocation of N2.48 trillion for the health sector, containing allocation of the sum of N402b for Infrastructure investments and another N282.65b for basic healthcare funds.
“We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalized with medication and better resources, ensuring quality care for all Nigerians.”
President Tinubu however said that the 2025 budget proposal lays a foundation for peace, prosperity, and much-needed hope.
“It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.
“As your President, I remain committed and resolute to continue to lead the charge,” the President added.
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