Defence, Education and Health will take the largest chunk of the N47.9 trillion 2025 budget, President Bola Tinubu disclosed on Wednesday.
Tinubu officially presented his 2025 Appropriation Bill before the joint National Assembly.
In the highlights, Tinubu said N4.91 trillion has been allocated to Defence and Security, while Infrastructure has N4.06 trillion, Education – N3.52 trillion, and Health – N2.48 trillion.
He tagged the 2025 budget: “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”
The President is pegging the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.
This marks a reduction of about N200 from the current rate of N1,700 to a dollar.
He said, “The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day.
“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security, which will reduce reliance on food imports. Additionally, we aim to increase foreign exchange inflows through foreign portfolio investments.
“Our crude oil output and exports will improve, coupled with a substantial reduction in upstream oil and gas production costs.”
