Politics
By Christabel Ejenike
THE Director-General of the Budget Office, Tanimu Yakubu, has said that the 2025 Federal Government Budget aims to address the nation’s pressing challenges while fostering inclusive and sustainable economic growth.
The breakdown of the N49.7 trillion budget, which is themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity”, focuses on three key areas, Security, Revenue and Expenditure Projections and Reforms for Fiscal Sustainability.
Yakubu stated that In the revenue and expenditures projections, the federal government projects a total revenue of N36.35trillion for 2025 which is anchored on improved non-oil revenue generation and includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises.
He added that oil revenue projections are 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 ₦1,500 per dollar.
He also stated that the budget is targeting a deficit of ₦13.39 trillion (3.96% of GDP), which will be financed through domestic and external borrowings as well as innovative public-private partnership (PPP) arrangements.
According to him, out of the ₦37.9 trillion, ₦5 trillion has been allocated to strengthen the armed forces, police, and intelligence agencies with the aim of restoring law and order and creating a conducive environment for economic growth.
He explained that ₦16 trillion will be invested in critical road projects, rail networks, power infrastructure, and housing, reducing transaction costs, stimulating investment and creating jobs.
“Furthermore over ₦6 trillion has been earmarked for social services, targeting improved access to quality education, modernized healthcare infrastructure, and expanded social safety nets,” he said, adding that the 2025 budget builds on critical reforms initiated by President Bola Tinubu’s administration, including tax reform, fuel subsidy removal, and debt management.
These reforms, he noted, aim to ensure fiscal sustainability and promote economic growth.
“Budget of Restoration” is a declaration of intent, embodying the government’s resolve to tackle insecurity, close infrastructure gaps, and empower the Nigerian people. The success of this ambitious proposal depends on disciplined implementation, transparency, and collaboration with all stakeholders,” he added.
18th December, 2024.
C.E.
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