By Abiola Olawale
President Bola Ahmed Tinubu has presented the 2025 budget, titled the “Resurrection Budget”, before a joint session of the National Assembly.
The proposed budget has a total expenditure of ₦47.9 trillion. This budget is an increase of 36.8% from the 2024 estimates.
Tinubu, while addressing the joint session of the National Assembly said the 2025 budget was prepared to find lasting solutions to the multifaceted problems facing the country.
Tinubu said: “Our 2025 is not just another statement of projected government revenue and expenditure; it calls for action.
“Our nation faces an existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must rewrite the narrative of this nation.
“The time for lamentation is over. The time to act is act is now.”
Below are some of the key highlights in the budget;
Revenue: The total projected revenue for the 2025 budget stands at ₦34.82 trillion.
Expenditure: The proposed expenditure is ₦47.96 trillion, focusing on areas like security, infrastructure, and economic revitalization.
Deficit: The budget deficit is projected at ₦13.13 trillion, representing 3.89% of the GDP.
Economic Parameters: The budget is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,500 to the dollar.
The New Diplomat reports that the budget presentation follows the approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by the National Assembly, which set the parameters for this budget.
This is Tinubu’s second full budget since assuming office in May 2023.
