President Bola Tinubu has unveiled an ambitious N49.7tn budget for 2025, titled the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” emphasizing defence, infrastructure, and human capital development. Addressing a joint session of the National Assembly, Tinubu outlined plans to allocate N4.91tn for defence and security, N4.06tn for infrastructure, and N3.52tn for education.

Key infrastructure projects include the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, while education funding will support Universal Basic Education and nine new higher institutions. Healthcare is also a priority, with N2.48tn allocated for system improvements and essential drug supplies.

With a projected revenue of N34.82tn, the budget leaves a N13.39tn deficit, representing 3.89% of GDP, to be financed through borrowing. Tinubu aims to lower inflation from 34.6% to 15% and strengthen the naira from N1,700/$ to N1,500/$, supported by a projected oil output of 2.06 million barrels per day.

Lawmakers have lauded the budget’s focus on security and growth but called for improved revenue generation and accountability in public spending. Critics, including the opposition PDP, labeled the budget as unrealistic and lacking transparency, warning of potential economic challenges.

The budget now awaits National Assembly deliberation, with provisions for extending unexecuted 2024 capital projects into mid-2025. Tinubu expressed optimism that the proposed reforms and allocations will address Nigeria’s pressing challenges and ensure sustainable growth.