Tinubu presents 2025 budget to National Assembly

President Bola Ahmed Tinubu has presented the 2025 Appropriation Bill to a joint sitting of the National Assembly on Wednesday, unveiling his administration’s spending plan for the upcoming fiscal year.

Tinubu described the budget as a “Budget of Restoration, Securing Peace, and Building Prosperity.”

He noted the government’s efforts to enhance key sectors and drive economic growth.

Key Highlights of the Budget Presentation:

• 34 Billion Naira Disbursed to 300,000 Students
  Tinubu announced that his administration has disbursed 34 billion naira through NELFUND to support 300,000 students, advancing educational opportunities across the country.
• Revenue Target Achieved
  The president revealed that the government had generated 14.55 trillion naira in revenue, meeting 75% of its target as of the third quarter of 2024.
• Expenditure Milestone
  Tinubu also highlighted a significant expenditure achievement, with 21.60 trillion naira spent in the third quarter, reaching 85% of the planned goal for the year.

“Our administration attained remarkable milestones in implementing the 2024 Budget,” Tinubu said.

“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects on our economy are gradually being felt.”

Proposed Sectoral Allocations for 2025:

• Defence: 4.91 trillion naira
• Infrastructure: 4.06 trillion naira
• Health: 2.48 trillion naira
• Education: 2.5 trillion naira

The Federal Executive Council (FEC) had approved an estimated expenditure of ₦47.96 trillion for 2025, with a focus on infrastructure development, fiscal consolidation, and social investment programs. The budget also outlines the administration’s priorities, which include addressing inflation, unemployment, and the high cost of living.

Lawmakers are set to scrutinise the budget’s allocations, especially in the context of the government’s ongoing economic reforms.

Key Figures at the Presentation:

• Senate President Godswill Akpabio
• Speaker of the House of Representatives Abbas Tajudeen

The proposed 2025 Budget marks a significant step in President Tinubu’s economic agenda, with a focus on long-term growth and stability.

Extension of 2024 budget to June 2025

Senate President Godswill Akpabio has announced that the implementation of the 2024 Appropriation Act will be extended to June 2025.

He made the statement during his opening remarks at the presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu to a joint session of the National Assembly on Wednesday.

Akpabio also highlighted that the 2024 budget performance stood at 50% for Capital Expenditure and 48% for Recurrent Expenditure.