The President of Nigeria, Bola Ahmed Tinubu, presented the 2025 Budget titled “The Restoration Budget: Securing peace, Rebuilding prosperity” during a joint session of the 10th National Assembly on 18 December 2024. The budget is a record high of NGN 49.74 trillion, an increase of 41.9% compared to the prior year.

The budget prioritises defence, security, infrastructure, agriculture, education and health. It will introduce reforms such as a new minimum wage, duty-free food imports, and tax updates.

President Tinubu said the 2025 budget will reduce inflation from 34.6% to 15% in 2025, while the exchange rate would improve from approximately NGN 1,700 per USD to NGN 1,500, and crude oil production will increase to 2.06 million barrels per day.

“A total of NGN 13.08 trillion, or 3.89 percent of GDP, will constitute the budget deficit. This is an ambitious but necessary budget to secure our future,” said Tinubu.

NGN 4.91 trillion has been allocated for defence and security. Tinubu promised that his administration would continue to equip Nigeria’s security forces with modern tools and technology to keep Nigerians safe.

“The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation,” he said.

“Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people will not live in fear—whether on their farmlands, highways, or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.”

NGN 4.06 trillion has been allocated for infrastructure. Tinubu mentioned that his administration has already begun key projects on the Lagos-Calabar highway and the Sokoto-Badagry highway, which will have a significant impact on the lives of Nigerians and stimulate economic output.

He noted that the Renewed Hope Infrastructure Development Fund would increase investments in energy, transport, and public works by leveraging private capital, helping to complete critical projects that will drive growth and create jobs for Nigerians.

NGN 3.5 trillion has been allocated for education. Tinubu said that the 2025 budget includes 826.90 billion naira for infrastructure development in the education sector. The allocation also covers the Universal Basic Education (UBEC) and the nine new higher educational institutions.

NGN 72.4 trillion has been allocated for health. The president revealed that NGN 402 billion would be allocated for infrastructure investments in the health sector for the 2025 budget, with an additional NGN 282.65 billion for the Basic Health Care Fund. He promised that hospitals would be revitalised with better medication and resources, offering Nigerians quality healthcare.

“This is consistent with the federal government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency,” he said, adding that Universal Health Coverage initiatives would strengthen primary healthcare systems across Nigeria.

This budget will also support farmers with funding to reignite productivity. The President emphasised that food security is non-negotiable and that bold steps would be taken to ensure every Nigerian can feed themselves and avoid going to bed hungry.

“Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We will support our farmers with funding and inputs to reignite productivity.”

The budget’s projected deficit of NGN 13.39 trillion will be funded through debt (69%), loans (28%) and asset sales (2%).