Tinubu re-elects lawmakers in the National Assembly, to cover his mistakes during 2025 budget presentation. Then, he presented a ₦47.96 trillion estimate.
On Wednesday, President Bola Tinubu jocularly reelected all the national lawmakers during his budget presentation. This light-hearted moment occurred when he mistakenly referred to the 10th Senate as the 11th. After being corrected, Tinubu responded with humour, saying, “10th? I wrote 11th, which means you’re all re-elected.” The remark drew laughter and applause from the National Assembly, easing the formality of the session. The event marked Tinubu’s second full budget presentation since taking office in May 2023.
The 2025 budget, tagged the “Restoration Budget: Security, Peace and Building Prosperity,” was approved by the Federal Executive Council just a day before the presentation. The budget proposal is ambitious, with a total expenditure of ₦47.96 trillion. The government expects a revenue of ₦34.8 trillion, with a budget deficit projected at ₦13 trillion, approximately 3.89% of Nigeria’s GDP.
The President emphasized that debt servicing would consume a significant portion of the budget, with ₦15.81 trillion allocated for this purpose. Key assumptions underpinning the budget include a crude oil benchmark price of $75 per barrel, daily production of 2.06 million barrels, and an exchange rate of ₦1,500 to the US dollar.
Major focus areas as Tinubu re-elects national lawmakers
A major focus of the 2025 budget is security. A total of ₦4.91 trillion has been allocated to defense and security. This is the largest share of the budget, reflecting the government’s priority to tackle safety and stability challenges in the country.
Infrastructure development has also received a substantial allocation, with ₦4.06 trillion directed towards improving the nation’s roads, power supply, and transportation systems. This marks a significant increase from the ₦1.32 trillion allocated for infrastructure in 2024.
Education and healthcare are also key beneficiaries of the 2025 budget. Education funding has surged from ₦1.08 trillion in 2024 to ₦3.5 trillion for 2025. This sharp rise indicates the government’s focus on improving the quality of education and expanding access for all Nigerians.
Healthcare funding also saw a significant boost, increasing from ₦1.08 trillion to ₦2.48 trillion. Government expects this allocation to support the expansion of healthcare facilities and services across the country. These increased investments reflect the government’s commitment to addressing critical social issues.
Reactions from economists and analysts
Development economists and financial analysts have begun to analyze the implications of the proposed budget. While many welcome the increased allocation for infrastructure, security, and social services, there are concerns about the fiscal sustainability of such a large budget.
Some analysts expressed worry about the high budget deficit. They pointed out that debt servicing alone would account for a large portion of the budget, potentially limiting funds available for other projects. “The focus on debt repayment is concerning,” one economist noted, “as it could strain the government’s ability to invest in long-term development.”
Another key issue is how the government plans to fund the budget. The proposed budget relies heavily on revenue from oil exports, but fluctuating global oil prices could pose a risk. Analysts suggest that the government should focus on diversifying the economy to reduce dependence on oil revenues.
The budget’s success will depend on the government’s ability to implement the proposed projects effectively. Experts say the allocation for infrastructure development, for instance, will only be meaningful if government completes projects on time and within budget.
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