1. The 2025 Budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” aligns with the administration’s Renewed Hope Agenda, focusing on stabilizing the economy, improving lives, and repositioning Nigeria for greater performance, which is important at a crucial point in Nigeria’s development trajectory.
2. President Tinubu stressed the importance of continuing with the economic renewal and institutional development, which began 18 months ago even as he acknowledged the difficulties and sacrifices involved but stressed the importance of continuing the reforms.
3. The 2025 Budget aims to consolidate key policies to restructure the economy, boost human capital development, increase trade and investments, enhance oil and gas production, and revitalize the manufacturing sector. The budget allocations underscore the administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving developmental objectives.
4. The Nigerian economy is responding to stimulus. Progress has been made in the past 18 months, including improvements in revenue collection, economic growth, and foreign reserves and a positive response to stimulus measures.
5. The 2025 budget targets 34.82 trillion naira in revenue and 47.90 trillion naira in government expenditure, with a focus on restoring macroeconomic stability, enhancing the business environment, fostering inclusive growth, and promoting human capital development.
6. Highlights of the 2025 Budget Allocations:
• Defence and Security: N4.91 trillion
• Infrastructure: N4.06 trillion
• Health: N2.48 trillion
• Education: N3.52 trillion
7. The 2025 Budget made significant funding increases for the military, paramilitary, and police forces to secure the nation, protect borders, and consolidate government control, with a focus on boosting morale and providing modern tools and technology.
8. The Renewed Hope Infrastructure Development Fund aims to accelerate investments in energy, transport, and public works, leveraging private capital to complete key projects like the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
9. In the 2025 Budget, there are record investments in education, healthcare, and social services, including 826.90 billion naira for educational infrastructure and 402 billion naira for health sector infrastructure, to strengthen primary healthcare systems and improve healthcare access.
10. The proposed spending plan has support for farmers with funding and inputs to increase agricultural production, central to the food security agenda, ensuring that every Nigerian can feed conveniently and no citizen goes to bed hungry.
Credit:
Sunday Dare, Special Adviser to President Bola Tinubu on Public Communications and OrientationÂ
