Budget Overview
President Bola Tinubu unveiled his vision for Nigeria’s financial future with the presentation of a N49.7 trillion budget proposal for 2025 to the National Assembly. A significant portion of this budget, N15.81 trillion, is earmarked for debt servicing, reflecting the government’s commitment to managing national debt.
Financial Targets and Projections
Tinubu detailed that the government aims to generate N34.82 trillion in revenue to support this budget. He highlighted that total government expenditure would reach N47.90 trillion, with the debt servicing allocation included. “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, promising efforts to reduce the debt burden.
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Economic Strategy
The budget deficit is anticipated to be N13.08 trillion, which equates to 3.89% of GDP. The President emphasized significant sectoral allocations, with defense and security leading at N4.06 trillion, followed by education at N3.5 trillion, and health at N2.4 trillion.
Economic Forecasts
Tinubu projected a significant reduction in inflation from 34.6% to 15% by 2025, alongside an improvement in the exchange rate from N1,700 to N1,500 per dollar, aiming to stabilize the economy and enhance purchasing power.
