By Patrick Idowu
President Bola Tinubu on Tuesday presented a proposed N47.96 trillion budget for 2025 to the National Assembly, pledging to restore peace, rebuild prosperity, and stabilize the nation’s economy.
Arriving at the green chamber at 12:14 pm, Tinubu unveiled the “Budget of Restoration: Securing Peace and Rebuilding Prosperity” before a joint session of the Senate and House of Representatives.
He was accompanied by Vice President Kashim Shettima and welcomed by Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, and other legislators.
“This budget christened the Budget of Restoration: Securing Peace, Rebuilding Prosperity strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance,” Tinubu said during his address.
The Federal Executive Council (FEC), had earlier approved the budget, which marks a 36.8% increase from the N27.9 trillion budget for 2024.
According to Atiku Bagudu, Minister of Budget and Economic Planning, the budget aligns with the administration’s economic roadmap.
Key government officials in attendance included APC Chairman Abdullahi Ganduje, Ogun State Governor Dapo Abiodun, Imo State Governor Hope Uzodimma, and Inspector General of Police Kayode Egbetokun, among others.
Both chambers of the National Assembly had earlier approved the 2025-2027 Medium-Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP), which form the foundation for the budget.
The framework projected crude oil benchmarks of $75, $76.2, and $75.3 per barrel for daily production targets of 2.06 million, 2.10 million, and 2.35 million barrels for 2025-2027, respectively.
Lawmakers also approved a GDP growth rate of 4.6%, 4.4%, and 5.5% for the next three fiscal years, alongside an exchange rate projection of N1,400/$, which is subject to review in early 2025 based on prevailing monetary and fiscal policies.
The 2025 budget reflects Tinubu’s commitment to fostering economic growth, securing peace, and positioning Nigeria for sustainable development.