In a significant move, President Bola Tinubu has officially signed Nigeria's 2025 Appropriation Bill into law. The signing ceremony took place on Friday at the State House in Abuja. The National Assembly had earlier passed the budget, totaling ₦54.99 trillion, which is an increase of approximately ₦700 billion from the initial proposal of ₦54.2 trillion submitted by the president.
The 2025 budget focuses on key sectors including defense and security, infrastructure, health, and education. Notably, defense and security are allocated ₦4.91 trillion, infrastructure ₦4.06 trillion, health ₦2.48 trillion, and education ₦3.52 trillion. The budget aims to strengthen the foundation of Nigeria's economy while addressing critical sectors essential for growth and development.
During the budget presentation to the National Assembly, President Tinubu outlined targets for 2025, including projected revenue of ₦34.82 trillion to fund the budget, with ₦15.81 trillion earmarked for debt servicing. The budget also projects a deficit of ₦13.08 trillion, or 3.89% of GDP. Inflation is expected to decline from the current rate of 34.6% to 15% next year, while the exchange rate is anticipated to improve from approximately ₦1,700 per US dollar to ₦1,500.
This development underscores the government's commitment to bolstering the nation's economy and addressing critical sectors to foster growth and development.