President Bola Tinubu has presented a proposed 2025 budget of ₦49.70 trillion to the National Assembly, with a focus on defence, infrastructure, and human capital development. The budget allocates ₦8.97 trillion for defence, security, and infrastructure, with ₦4.91 trillion for defence and security, and ₦4.06 trillion for infrastructure projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
Key Budget Allocations
- Education: ₦3.52 trillion, including funding for Universal Basic Education and nine new higher institutions
- Health: ₦2.48 trillion to improve healthcare systems and provide essential drugs for public hospitals
The budget proposal also includes a projected deficit of ₦13.39 trillion, which will be financed through borrowing. Tinubu emphasized the need to empower young Nigerians and improve access to quality healthcare as part of his administration’s human capital development strategy.
Economic Projections
- Revenue: ₦34.82 trillion expected in 2025
- GDP Growth: 3.46% in the third quarter of 2024, compared to 2.54% in the same period of 2023
- Inflation: projected to decline from 34.6% to 15% in 2025
- Exchange Rate: expected to improve from ₦1,700 per dollar to ₦1,500 per dollar in 2025
The budget proposal is now awaiting deliberation and approval by the National Assembly.
