President Bola Ahmed Tinubu has presented the 2025 budget of N47.96 trillion to a joint session of the National Assembly.

He emphasized that the budget aims to restore macroeconomic stability, enhance the business environment, foster inclusive growth, create jobs, reduce poverty, and promote equitable income distribution and human capital development.

He said Key allocations includes, Defence and Security N4.91 trillion, Infrastructure: N4.06 trillion, Health: N2.48 trillion and Education: N3.52 trillion

Tinubu stated that the 2025 budget reflects his administration’s commitment to building a robust economy and addressing critical sectors.

He assured Nigerians that reforms introduced in the last 18 months are yielding results, with a 3.46% economic growth in Q3 2024, foreign reserves at $42 billion, and a trade surplus of N5.8 trillion.

Highlighting achievements from the 2024 budget, Tinubu noted that the government achieved N14.55 trillion in revenue (75% of the target) and N21.60 trillion in expenditure (85% of the target) by Q3 2024. While challenges persist, he reaffirmed his administration’s resolve to strengthen the economy, urging Nigerians to unite under the “unstoppable Nigerian spirit” to rebuild the nation.

In his welcome address, Senate President Godswill Akpabio commended President Tinubu’s remarkable achievements, highlighting the doubling of aggregate government revenues to over N18.32 trillion, a reduction in debt servicing expenditures from 97% to 68%, and the fulfillment of $7.5 billion in foreign exchange obligations.

He praised the administration’s strides in increasing oil production to 1.8 million barrels per day, launching the Compressed Natural Gas initiative, processing over N45.6 billion in student payments, signing the National Minimum Wage Law to raise wages to N70,000, and providing over N570 billion in financial support to states. He also lauded the groundbreaking tax reform initiative, which introduced four critical bills to reshape Nigeria’s fiscal landscape.

Akpabio further noted that, given these achievements, the National Assembly will extend the lifespan of the 2024 budget to June 30, 2025, through enabling legislation. This extension, he said, reflects the Assembly’s recognition of the budget’s success and its commitment to sustaining the administration’s momentum.