By Ubong Ukpong & Eze OkeChukwu, Abuja

President Bola Tinubu yesterday presented his administration’s ambitious N47.90 trillion budget estimates for 2025, assuring the people of the administration’s readiness to continue stimulating the economy through targeted fiscal stimulus packages, public expenditures, and non-inflationary spending.

While presenting the budget titled, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly, the president reiterated his unwavering commitment to rebuilding Nigeria and ensuring a prosperous future for the nation.

A breakdown of the proposed 2025 budget allocations showed the following: Defence and Security, N4.91 trillion; Infrastructure, N4.06 trillion; Health, N2.48 trillion; and Education, N3.52 trillion.

He said, “As we embark on implementing the 2025 budget, our steps are deliberate, our decisions resolute, and our priorities are clear.

“This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for growth and development.”

On national security, Tinubu assured the public that his administration had “significantly increased funding for the military, paramilitary, and Police Force to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.”

He said his government would continue to equip the security forces with the modern tools and technology necessary to safeguard the country.

“The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation.

“Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty,” the president noted.

On infrastructure development, the president explained, “When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy.

“We are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs.”

Tinubu shared his administration’s commitment to improving human capital development, revealing that the government had disbursed N34 billion to over 300,000 students via the Nigeria Education Loan Fund (NELFUND).

“In the 2025 Budget, we have allocated N826.90 billion for infrastructure development in the educational sector, including allocations for the Universal Basic Education (UBEC) and nine new higher educational institutions,” he said.

For healthcare, Tinubu emphasized the importance of Universal Health Coverage initiatives and announced an allocation of N402 billion for infrastructure investments in the health sector, with an additional N282.65 billion for the Basic Health Care Fund.

He added that his administration would continue its efforts to reduce medical import dependency and ensure quality healthcare for all Nigerians.

On corruption, Tinubu asserted, “Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.

“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.”

He urged Nigerians to look towards a brighter future and to support greater investment in the private sector, saying, “The time for lamentation is over. This is a time to act.”

He stressed that the 2025 budget proposal lays the foundation for peace, prosperity, and hope, emphasizing that his administration’s journey of economic renewal and institutional development, which began 18 months ago, is well underway.

He said that Nigeria’s economy is responding positively to the fiscal stimulus measures, with growth projected at 3.46 percent in the third quarter of 2024, up from 2.54 percent in the same period of 2023.

He shared the 2025 budget’s revenue targets, with a proposed N34.82 trillion in revenue and N47.90 trillion in government expenditure, including N15.81 trillion for debt servicing.

The president projected inflation would decline from 34.6 percent to 15 percent, with an improved exchange rate of N1,500 per US dollar and crude oil production pegged at 2.06 million barrels per day, stating that, “This is an ambitious but necessary budget to secure our future.”

The President of the Senate, Godswill Akpabio in his opening remarks said, “Your Excellency, we commend you on your groundbreaking tax reform initiative.

“The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024, represent a monumental shift in our fiscal landscape.

“It is disheartening that those who have not taken time to understand these bills are the loudest critics.

“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.

“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.

“We will not kill any reform that you have forwarded to us for consideration Mr President but rather engage Nigerians to see the merits in them.”

In his vote of thanks, the House of Representatives Speaker, Tajudeen Abbas said the government needs to reflect on the fiscal realities of Nigeria’s economy, especially the budget-population ratio of the country, when Nigeria is compared with other countries in Africa.

The Speaker noted that the Tinubu administration has taken bold and decisive steps to reform the economy in the past 18 months, stressing that removing fuel subsidies, unifying foreign exchange rates, and introducing innovative economic policies have laid a solid foundation for sustainable growth and development.

Abbas said while these reforms have demanded short-term sacrifices, they are acts of courage and patriotism.

He cited examples from China’s market reforms, India’s liberalisation, and South Korea’s industrialisation which, he stated, affirm the enduring benefits of such bold action. “These lessons inspire confidence that Nigeria’s ongoing reforms will foster economic growth, reduce poverty, and ensure long-term prosperity,” he stated.

The Speaker stated that the Tinubu administration’s reforms have “disrupted the status quo, sparking resistance from vested interests,” noting that, “Yet these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

The Speaker noted that the proposed 2025 budget of N49.7 trillion— a 35 percent increase over 2024— is “ambitious and commendable.”

He said the projections of 4.6 percent Gross Domestic Product (GDP) growth, a crude oil price of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day are bold but achievable.”

He added, “However, Nigeria’s fiscal realities warrant critical reflection. Despite being Africa’s most populous nation with over 220 million people, our 2024 national budget of $36.7 billion remains modest compared to countries like South Africa, with a budget of $160 billion for its 60 million citizens; Egypt, with $110 billion for 110 million people; Algeria, with $60 billion for 45 million people; and Morocco, allocating $50 billion for its 37 million residents.

The Speaker assured the president, “This is not merely your budget; it is a national project requiring collaboration across all arms of government,” adding that the parliament will work to ensure its timely passage, provide legislative support for critical reforms, and conduct robust oversight to guarantee transparency and efficiency in its execution.