President Bola Ahmed Tinubu, GCFR, presented the 2025 Budget of Restoration, titled “Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly on Wednesday, December 18, 2024. In his address, President Tinubu emphasized that the budget aligns with his administration’s Renewed Hope Agenda and underscores its commitment to stabilizing the economy, fostering peace, and laying a foundation for sustainable prosperity.
Overview
In 2025, FG’s expenditure is projected to be N47.90 trillion through the proposed generation of N34.82 trillion from revenue to fund the budget, while a total of N13.08 trillion, or 3.89% of GDP, will make up the budget deficit, including N15.81 trillion for debt servicing.
Key projections
- Inflation will decline from the current rate of 34.6% to 15%.
- The exchange rate will improve from approximately N1,700/US$ to N1,500/US$.
- Daily crude oil production of 2.06 million barrels per day (mbpd) based on assumption.
Allocations to Major Sectors
- Ministry of Finance – N17.52 trillion
- Ministry of Budget and Economic Planning – N6.78 trillion
- Ministry of Defence – N2.92trn
- Ministry of Education – N2.52trn
- Ministry of Power – N2.09trn
- Ministry of Health and Social Welfare – N1.91trn
- Ministry of Police Affairs – N1.28trn
- Ministry of Works – N1.14trn
