President Bola Tinubu has presented the N47 trillion 2025 budget to a joint session of the National Assembly today in Abuja
The Federal Executive Council (FEC) had earlier approved the N47.9 trillion proposal for the country during it sitting on Monday.
WikkiTimes reports that the 2025 Appropriation is the second full budget that Tinubu presented since his oath of office on May 29, 2023.
The president was billed to present the budget to the legislative arm on Tuesday but rescheduled for Wednesday.
According to presidency, the budget was pegged on a benchmark oil price of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
The proposal also projects total revenue at ₦34.82 trillion, while total expenditure is estimated at ₦47.96 trillion with a deficit of ₦13.13 trillion.
The Minister of finance, Wale Edun, recently said the deficit will be financed through loan facility.
The budget is having an increase of 36.8 per cent from the 2024 budget estimate.
President Tinubu, who is submitting the budget to parliament less than two weeks before the end of the year, disclosed that key priorities in the budget include Defence and Security N4.91 trillion; Infrastructure N4.6 trillion; Heath N2.48 trillion and Education N3.5 trillion among others.
He stated that for the 2025 budget, the government has budgeted N825.9 billion for development in the education sector.
According to him, budget will develop the Nigerian economy and address challenges in all sectors
He said the 2024 budget has successfully invested in the Nigerian youths, facilitated social orientation and created employment opportunities for Nigerians
The president said Nigeria’s foreign reserve now stands at $42 billion.
