President Bola Tinubu’s government plans to spend N8.97tn of its projected N49.70tn budget on defence, security, and infrastructure in 2025, The PUNCH has learnt.
Tinubu on Wednesday presented the 2025 budget proposal to a joint session of the National Assembly, outlining an ambitious N49.70tn spending plan titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
The budget prioritises defence, infrastructure, and human capital development. A projected deficit of N13.39tn will be financed through borrowing.
Speaking at the National Assembly, Tinubu stressed his administration’s commitment to strengthening security and revamping the nation’s infrastructure.
Defence and security were allocated N4.91tn, while infrastructure will receive N4.06tn for projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
The President also announced significant allocations for education and health. Education will receive N3.52tn, which includes funding for universal basic education and nine new higher institutions. At the same time, the health sector will get N2.48tn to improve healthcare systems and provide essential drugs for public hospitals.
He emphasised the need to empower young Nigerians and improve access to quality healthcare as part of his administration’s human capital development strategy.
Tinubu noted that the government expected N34.82tn in revenue for 2025, leaving a deficit of N13.39tn, representing 3.89 per cent of Nigeria’s Gross Domestic Product.
He explained that the deficit would be financed through borrowing, stressing that this approach is necessary to achieve the government’s developmental goals.
The budget is based on key economic assumptions, including a projected decline in inflation from 34.6 per cent to 15 per cent and an improvement in the naira exchange rate from N1,700 per dollar to N1,500 per dollar.
The administration also expects oil production to reach 2.06 million barrels per day, driven by increased export capacity and reduced upstream costs.
“The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society,” Tinubu stated.
“In 2025, we are targeting N34.82tn in revenue to fund the budget. Government expenditure in the same year is projected to be N49.70tn, including N15.81tn for debt servicing.
“A total of N13.08tn, or 3.89 per cent of GDP, will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
