Nigeria targets N34.82trn in revenue to fund 2025 budget, says Tinubu

…to spend N15.81trn on debt servicing 

President Bola Tinubu on Wednesday disclosed that the Nigeria is targeting N34.82 trillion in revenue to fund the 2025 budget, stressing  that the budget proposal tell a bold and exciting story of the direction the present administration is re taking to retool and revamp the socio-economic fabric of the society.

Tinubu at the 2025 budget of “restoration: securing peace, rebuilding prosperity” to the joint session of the National Assembly in Abuja disclosed that the government expenditure in the same year is projected to be N47.90 trillion, including N15.81 trillion for debt servicing.

According to him, a total of N13.08 trillion, or 3.89 per cent of Gross Domestic product (GDP) would make up the budget deficit.

He stated that the 2025 budget is an ambitious but necessary budget to secure Nigeria’s future.

He expressed that the 2025 budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately N1,700 naira per US dollar to N1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

He stated that these projections are based on reduced importation of petroleum products alongside increased export of finished petroleum products ; bumper harvests, driven by enhanced security, reducing reliance on food imports; increased foreign exchange inflows through Foreign Portfolio Investments and  higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Tinubu listing key priopprities ini rebuilding Nigeria, said,  “Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.”

He disclosed that defense and security get N4.91 trillion allocation;    iinfrastructure, N4.06 trillion; health, N2.48 trillion and  education, N3.52 trillion

“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 the growth and development we envisio,” he said. 

On securing our nation, he said, “Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.

“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. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.”

He expressed further on infrastructure development that when the present administration launched the “Renewed Hope Infrastructure Development Fund”, it was with the conviction that infrastructure remains the backbone of every thriving economy. 

“Under this programme, FG 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. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output,” he said.  

He also disclosed that, “Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). 

“In the 2025 Budget, we have made provision for N826.90 billion for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.

“We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated N402 billion for infrastructure investments in the health sector in the 2025 Budget and another N282.65 billion for the Basic Health Care Fund. 

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency,” Tinubu said. 

He noted that the increasing agricultural production is central to Nigeria food security agenda, but insecurity has crippled this vital sector. 

“We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry,” he said.  

He stated that the 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

“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.

“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.

“As your President, I remain committed and resolute to continue to lead the charge.

“This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved,” Tinubu added.