President Tinubu Unveils ₦49.7 Trillion ‘Budget of Restoration’ to National Assembly

On January 9, 2025, President Bola Tinubu presented the 2025 budget proposal, titled Budget of Restoration: Securing Peace, Rebuilding Prosperity, to a joint session of the National Assembly. The proposed budget amounts to ₦49.7 trillion and aims to stabilize Nigeria’s economy while improving living conditions for its citizens.

During his presentation, President Tinubu outlined significant allocations within the budget

₦4.91 trillion for defense and security, ₦4.06 trillion for infrastructure development and ₦3.52 trillion for education

The budget is designed to address critical issues facing the nation, including rising inflation, which the president aims to reduce from 34.6% to 15% by the end of 2025. Additionally, Tinubu projected improvements in the exchange rate from approximately ₦1,700 to ₦1,400 per US dollar and an increase in crude oil production to 2.06 million barrels per day.

Despite the ambitious goals set forth in the budget proposal, stakeholders have expressed concerns regarding its feasibility. Critics point to potential challenges posed by currency devaluation and the overall economic climate as factors that could hinder the successful implementation of the budget.

In his address, Tinubu emphasized that this budget represents a roadmap for peace and prosperity, reinforcing his administration’s commitment to revitalizing Nigeria’s socio-economic landscape. This budget strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, he stated.

As Nigeria prepares for a crucial year ahead, President Tinubu’s budget proposal lays out a comprehensive plan aimed at addressing pressing national challenges while fostering growth and development across key sectors.

The National Assembly is expected to deliberate on the proposal in the coming weeks, with discussions likely focusing on its practical implications and funding strategies.