President Tinubu seeks education restoration in 2025 with N3.5tn

… as security, infrastructure, and education top ₦49.7 trillion 2025 ‘Restoration Budget’

President Bola Tinubu unveiled his administration’s intention to restore education on the path of glory in his 2025 budget presentation on Wednesday before a joint session of the National Assembly allocating N3.5 trillion to the sector.

President Tinubu in what he tagged the “Restoration Budget” proposed a total sum of N4.91trillion budget for 2025, out of which security and defence had the highest allocation with N4.91 trillion, infrastructure allocated N40.6 trillion, education with N3.5 trillion (7.04 per cent) is placed third, while health got N2.4 trillion.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of Nigeria titled, ‘The Restoration Budget’ securing peace, building prosperity,” President Tinubu said.

The president further explained that the 2025 budget seeks to restore macroeconomic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, and promote equitable income distribution and human capital development.

“In 2025, we are targeting N34.8 trillion in revenue to fund the budget. Government expenditure in the same year is projected to be ₦49.7 trillion including N15.81 trillion for debt servicing.

“A total of N13.0tn or 3.89 per cent of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.

“The budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar,” President Tinubu said.

Tinubu’s 2025 ₦49.7 trillion budget proposal was about N20 trillion higher than that of 2024. In December 2023, President Tinubu presented the 2024 budget proposal of N27.5 trillion, his first, before the National Assembly. The Senate increased the bill by N1.2 trillion and approved N28.7 trillion for the 2024 Budget.

For the 2025 budget, the President pegged crude oil production at 2.06 million barrels per day for 2025. He also projected that the importation of finished petroleum products would reduce in 2025 while the exportation of refined petroleum products would increase.

He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.

The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.

Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.

“Our 2025 is not just another statement of projected government revenue and expenditure; it calls for action. Our nation faces existential threats from corruption and insecurity, among others.

“These challenges are surmountable when we work collaboratively. We must re-write the narrative of this nation. The time for lamentation is over. The time to act is now,” he said.