
President Bola Ahmed Tinubu on Wednesday presented the 2025 Appropriation Bill to a joint session of the National Assembly, and outlined key highlights in his budget speech.
Tinubu unveiled an ambitious financial blueprint under the theme, โBudget of Restoration: Securing Peace, Rebuilding Prosperity.โ
Below are 10 key takeaways from the Presidentโs 2025 budget speech:
Budget Theme: The 2025 budget, titled โBudget of Restoration: Securing Peace, Rebuilding Prosperity,โ is designed to stabilize the economy, improve living standards, and lay the groundwork for sustained growth under the Renewed Hope Agenda.
Revenue and Expenditure Targets: The government projects โฆ34.82 trillion in revenue and โฆ47.90 trillion in expenditures, resulting in a budget deficit of โฆ13.08 trillion (3.89% of GDP).
Economic Recovery and Resilience: President Tinubu highlighted key indicators of recovery, including a 3.46% growth rate in Q3 2024, a trade surplus of โฆ5.8 trillion, and foreign reserves of $42 billion.
Inflation and Exchange Rate Goals: Inflation is expected to decrease from 34.6% to 15% by 2025, with the naira-dollar exchange rate projected to improve from โฆ1,700 to โฆ1,500 per US dollar.
Key Sector Allocations: The budget focuses on essential sectors, allocating โฆ4.91 trillion for defense and security, โฆ4.06 trillion for infrastructure, โฆ2.48 trillion for health, and โฆ3.52 trillion for education.
Agricultural Support: A key component of the governmentโs agenda is revitalizing agriculture to ensure food security. This includes providing farmers with funding and resources to boost production, thereby reducing hunger and dependence on food imports.
Investment in Human Capital: More than โฆ826.90 billion is earmarked for education infrastructure, including funding for nine new higher institutions. Additionally, โฆ402 billion will go toward healthcare infrastructure, with โฆ282.65 billion allocated for the Basic Health Care Fund.
Infrastructure Development: The Renewed Hope Infrastructure Development Fund will target energy, transportation, and public works projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
Fiscal Philosophy: The budget emphasises restoring macroeconomic stability, improving the business climate, promoting inclusive growth, and ensuring a fairer distribution of wealth.
Call for Unity: President Tinubu called for a united effort from Nigerians, leaders, and institutions to combat corruption, insecurity, and economic challenges, urging all to collaborate in building a prosperous nation.
Vanguard
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