Nigeria Unveils N47.90 Trillion 2025 Budget, Faces N13.08 Trillion Deficit

Nigeria is targeting N34.82 trillion in revenue to fund the budget in 2025, as the government expenditure is projected to be N47.90 trillion, which includes N15.81 trillion for debt servicing. This will result in a budget deficit of N13.08 trillion, or 3.89% of GDP.

President Bola Tinubu presented the 2025 Budget of Restoration, titled "Securing Peace, Rebuilding Prosperity," to a joint session of the National Assembly on Wednesday, where he highlighted that the budget proposal reflected a bold plan to revamp the country's socio-economic situation.

The journey of economic renewal and institutional development, which began 18 months ago, was well underway. It may not have been an easy path, but it was necessary for Nigeria to have a real chance at greatness, the president said, as per the official statement shared on X.

The president thanked all Nigerians for joining in this journey of reforms and transformation. He acknowledged that the road to reforms has been challenging, with difficulties and sacrifices along the way, but assured that these efforts would not be in vain.

He urged everyone to stay hopeful and patient as they work toward a better future.

The president said the 2025 budget aimed to build on the key policies that have been put in place to restructure the economy, improve human capital, increase trade and investment, boost oil and gas production, revive the manufacturing sector, and enhance the overall competitiveness of the economy.

The government was committed to following this critical path to strengthen the Nigerian economy. The president expressed confidence not only in the economy's ability to overcome challenges but also in the resilience of the Nigerian people.

He called on the Nigerian spirit to continue guiding the nation as they work to rebuild the economy and society, noting that the progress made in the 2024 budget has set the stage for the 2025 budget.

The main goals for 2025 include improving national security, creating economic opportunities, investing in the youth, developing infrastructure, and promoting national unity. These priorities will help lay a strong foundation for Nigeria's future growth, the president said.

He further said that the global economic growth for 2024 was expected to be 3.2%, but Nigeria surpassed these predictions with notable progress. The country's economy grew by 3.46% in the third quarter of 2024, compared to 2.54% in the same period in 2023.

Nigeria's foreign reserves have now reached nearly $42 billion, providing a strong safeguard against external shocks. The country's increasing exports are reflected in a trade surplus of N5.8 trillion, as reported by the National Bureau of Statistics.

During the 2024 Nigerian Media Merit Awards held earlier this week, Tinubu urged the media to support his administration's proposed tax reforms, calling the latter a foundation for creating lasting wealth and prosperity for all Nigerians.