President Bola Tinubu’s administration has unveiled a bold 2025 budget plan focusing on defense, security, infrastructure, and human capital development. The proposed budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” outlines a total expenditure of N49.70tn, with a significant allocation for defense and security at N4.91tn and infrastructure at N4.06tn. Key areas such as education and health are also prioritized, with N3.52tn allocated to education and N2.48tn to healthcare. The budget forecasts a deficit of N13.39tn, to be financed through borrowing, emphasizing the government’s commitment to achieving developmental goals.
President Tinubu highlighted economic achievements, citing a 3.46% GDP growth in the third quarter of 2024, increased foreign reserves, and a trade surplus. Despite challenges such as inflation and insecurity, he expressed optimism about the reforms driving economic stability and growth. The budget includes assumptions of reduced inflation, improved exchange rates, and increased oil production to drive economic progress.
Lawmakers commended the budget for addressing critical areas like security, education, and infrastructure. However, concerns were raised about the significant portion allocated to debt servicing and the need to enhance revenue generation to avoid a debt burden. The National Assembly is set to deliberate and approve the budget proposal, with a focus on ensuring transparency and accountability in government spending.
Meanwhile, the opposition party, the Peoples Democratic Party, criticized the budget as unrealistic, opaque, and insincere, expressing concerns about its potential impact on insecurity, poverty, and economic despair. They called for more transparency in budget details and questioned the government’s claims of economic improvement.
In response to agencies’ failure to account for previous allocations, the House of Representatives Public Accounts Committee recommended the exclusion of 24 ministries, departments, and agencies from the 2025 budget until they provide necessary financial reports. This move aims to enforce accountability and transparency in government spending.