President Bola Tinubu has unveiled the 2025 budget proposal, projecting significant economic improvements, including a drop in inflation from the current 34.6% to 15% and a strengthening of the naira to N1,500 per dollar from its current rate of N1,700.
Tinubu made these remarks on Tuesday while presenting the N47.9 trillion budget to a joint session of the National Assembly. The budget, he said, is designed to address critical economic challenges and ensure sustainable growth.
“This is an ambitious but necessary budget to secure our future,” the President stated. He noted that the budget’s key assumptions include increased crude oil production of 2.06 million barrels per day, reduced reliance on petroleum imports, and expanded export of refined products.
Highlights of the budget allocations include N4.91 trillion for defence and security, N4.06 trillion for infrastructure, N3.5 trillion for education, and N2.4 trillion for health. Tinubu also emphasized the impact of enhanced security and improved agricultural output in reducing food import dependence.
These projections come amid widespread economic hardship, with inflation soaring and the naira struggling in the foreign exchange market. According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate rose to 34.6% in November 2024, up from 33.88% in October.
The 2025 budget, Tinubu believes, is a critical step in stabilizing the economy and fostering long-term recovery.
