*Tanimu Yakubu, Director-General, Budget Office of the Federation, explains the N49.7trn 2025 Appropriation Bill embodies the Nigerian Government鈥檚 resolve to tackle insecurity, close infrastructure gaps, and empower the citizenry through targeted investments in human capital and economic development

Gbenga Kayode | 绿帽献妻

The Federal Government has said Nigeria’s 2025 Appropriation Bill reflects its unwavering commitment to addressing the West African country鈥檚 pressing challenges while laying a solid foundation for inclusive and sustainable economic growth.

绿帽献妻 reports Tanimu Yakubu, Director-General, Budget Office of the Federation, stated this Wednesday, December 18, 2024, in his address on the 2025 Federal Government Budget Proposal, with the theme, 鈥淏udget of Restoration: Securing Peace, Rebuilding Prosperity”, to the joint session of the National Assembly (NASS), in Abuja, FCT.

President Bola Ahmed Tinubu presenting the 2025 Budget estimates to the joint session of NASS, in Abuja

On the framework for stability and prosperity, Yakubu disclosed the proposed 2025 Federal Budget is set at N49.7 trillion.

The Federal Government noted next year’s Appropriation Bill figure is “a historic figure representing an ambitious yet pragmatic approach to Nigeria鈥檚 current economic realities.”

The Director-General of the Budget Office of the Federation, in his address, also said the financial blueprint is centered on three strategic priorities: security, infrastructure development, and human capital investment.

“These priorities are designed to restore stability, rebuild trust in governance, and create the conditions necessary for broad-based prosperity,” he stated.

Nigeria projects N36.35trn revenue 2025

As regards the Nigerian Government’s revenue and expenditure projections for the next fiscal year, Yakubu revealed the Federal Government has projected a total revenue of N36.35 trillion for 2025, anchored on improved non-oil revenue generation.

He explained: “This includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises, alongside oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 per USD.

“The total expenditure of N49.7 trillion includes significant allocations to critical sectors while targeting a fiscal deficit of N13.39 trillion (3.96% of GDP).”

The Director-General said: “This deficit will be financed through domestic and external borrowings, as well as innovative Public-Private Partnership (PPP) arrangements.”

Budgetary priorities in key sectors of economy

In terms of the major budgetary priorities in the 2025 Appropriation Bill, Yakubu disclosed on Security, the Nigerian Government recognises that peace is the bedrock of progress.

According to him, the Federal Government has allocated N5 trillion to security.

“These funds will strengthen the capabilities of the armed forces, police, and intelligence agencies to combat insurgency, banditry, and other forms of insecurity.

“The goal is to restore law and order and create an environment conducive to economic growth,” said Yakubu.

On Infrastructure Development, the Federal Government said a significant portion of the capital expenditure鈥攅stimated at N16 trillion鈥攚ould focus on infrastructure.

He equally noted: “This includes the completion of critical road projects, expansion of rail networks, enhancement of power infrastructure, and investments in housing.

“These initiatives aim to reduce transaction costs, stimulate investment, and create jobs.”

In connection with Human Capital Development, the government is prioritising education and healthcare to build a productive and resilient workforce, said he.

The Budget Office stated: “The budget earmarks over N6 trillion for social services, targeting improved access to quality education, modernised healthcare infrastructure, and expanded social safety nets.”

In order to ensure food sufficiency and reduce reliance on imports in the Agriculture and Food Security sector of the Nigerian economy, the government revealed a sum of N826.5 billion has been allocated to agricultural mechanisation, irrigation projects, and value-chain development.

Yakubu noted: “This will not only boost food production but also support economic diversification and rural development.”

Other key priorities of the 2025 Budget proposal cover the ongoing reforms for fiscal sustainability in the West African country.

The Budget Office said next year’s budget would build on critical reforms initiated by President Bola Ahmed Tinubu鈥檚 administration.

According to Yakubu, such reforms include:

* Tax Reform: The government is expanding the tax base, improving compliance through technology, and aligning taxation with equity and efficiency principles.

* Fuel Subsidy Removal: Savings from this bold policy are being redirected to targeted social programmes, such as conditional cash transfers and public transportation initiatives, to protect vulnerable Nigerians.

* Debt Management: While borrowing remains a key tool to bridge the fiscal deficit, the government is committed to ensuring that debt servicing does not crowd out investments in critical sectors.

Yakubu, in his address to the Federal lawmakers Wednesday as a “Restorative Vision”, the 鈥淏udget of Restoration鈥� is not merely a financial plan鈥攊t is a declaration of intent.

He said: “It embodies the government鈥檚 resolve to tackle insecurity, close infrastructure gaps, and empower the Nigerian people through targeted investments in human capital and economic development.”

The Director-General of the Budget Office, however, submitted that the success of this ambitious appropriation proposal depends on “disciplined implementation, transparency, and collaboration with all stakeholders.”

Yakubu averred: “I am confident that with the support of Nigerians and our partners, we can restore peace, rebuild prosperity, and secure a brighter future for our nation.”

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