President Bola Tinubu has reaffirmed his administration’s commitment to steering Nigeria toward recovery and prosperity, despite criticisms. Speaking during his first presidential media chat in Lagos on Monday night, Tinubu emphasized that the country is on the right track under his leadership.
“Nigeria is moving forward regardless of critics,” Tinubu stated. “This is a budget of restoration of hope, and Nigeria is on the path of recovery. We can’t finish the job in one calendar year.”
The President was referring to the recently unveiled 2025 budget proposal, which he has labeled the “Restoration Budget, Securing Peace, and Building Prosperity.”
Last Wednesday, Tinubu presented the ₦47.9 trillion budget to a joint session of the National Assembly. The proposal includes a revenue target of ₦34.82 trillion, leaving a projected deficit of ₦13.08 trillion, or 3.89% of GDP.
Key allocations include:
- ₦4.91 trillion for Defence and Security
- ₦4.06 trillion for Infrastructure
- ₦3.5 trillion for Education
- ₦2.48 trillion for Health
- ₦15.81 trillion for Debt Servicing
Tinubu’s budget also assumes critical economic reforms, including:
- Reducing inflation from 34.6% to 15%
- Stabilizing the exchange rate from ₦1,700/USD to ₦1,500/USD
- Achieving a crude oil production target of 2.06 million barrels per day
The President commended Nigerians for their resilience amid tough economic conditions and described the budget as “ambitious but necessary” to secure the nation’s future.
“This budget tells a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society,” Tinubu said.
Both the Senate and the House of Representatives have passed the budget for a second reading, signaling progress toward its implementation.
