President Tinubu Presents N49.7tn “Restoration Budget” for 2025

President Bola Tinubu has presented a proposed budget of N49.7 trillion for 2025 to a joint session of the National Assembly. Dubbed the “Restoration Budget: Securing Peace and Building Prosperity,” this financial plan aims to restore macroeconomic stability, enhance peace, and pave the way for economic prosperity.

President Tinubu underscored the administration’s commitment to reversing adverse economic trends and commended Nigerians for their resilience amidst tough economic conditions. Reflecting on the progress made in 2024, he noted a GDP growth rate of 3.46%, surpassing earlier projections of 3.2%.

The budget outlines ambitious projections for 2025, including a significant reduction in inflation from the current 34.6% to 15%. Additionally, the exchange rate is expected to improve from approximately N1700 to N1500 per dollar. These improvements, according to the president, will be supported by:

– Reducing petroleum imports and boosting exports of refined petroleum products.
– Encouraging foreign portfolio investments to enhance foreign exchange inflow.
– Increasing agricultural output through enhanced security and achieving a bumper harvest.

The administration’s assumptions are also tied to an expected base crude oil production rate of 2.06 million barrels per day, alongside a substantial reduction in upstream oil and gas production costs.

The proposed budget includes substantial allocations for key sectors:
– **Defence and Security**: N4.91 trillion.
– **Housing**: N4.06 trillion.
– **Health**: N2.48 trillion.
– **Education**: N3.58 trillion.

These allocations underscore the administration’s focus on addressing pressing national needs and ensuring sustainable development.

“The time for lamentation is over; the time to act is now,” President Tinubu declared, urging Nigerians to embrace the opportunities presented by the budget.

Anaedoonline