President Bola Ahmed Tinubu has allocated ₦15.81 trillion for debt servicing in the proposed ₦47.9 trillion 2025 Appropriation Bill presented before a joint session of the National Assembly on Wednesday.
In his address to lawmakers, Tinubu outlined the highlights of the budget, which prioritizes defence and security with the highest sectoral allocation of ₦4.91 trillion.
This is followed by allocations for infrastructure (₦4.06 trillion), education (₦3.5 trillion), and health (₦2.4 trillion).
The 2025 budget proposal has a revenue projection of ₦34.8 trillion, leaving a deficit of ₦13.0 trillion to be financed through borrowings and other revenue sources.
The President emphasized the government’s commitment to fiscal sustainability, noting the importance of addressing Nigeria’s debt obligations while driving economic reforms.
The President also highlighted key economic targets embedded in the budget, projecting inflation to decline from 34.3% to 15% by the end of 2025. Additionally, he announced plans to stabilize the exchange rate, bringing it down from N1,700/$ to N1,500/$.
Tinubu reaffirmed his administration’s commitment to bolstering security and defence, stating that the allocation to this sector reflects the government’s determination to address insecurity comprehensively.
President Tinubu was accompanied to the National Assembly by key government officials, including the Secretary to the Government of the Federation (SGF), George Akume; Chief of Staff Femi Gbajabiamila; and other senior aides.