President Bola Ahmed Tinubu inadvertently referred to the 10th National Assembly as the 11th, sparking laughter among lawmakers during the formal presentation of the 2025 budget at Wednesday’s joint session.
The budget, tagged the “Budget of Restoration,” is Tinubu’s second proposal since assuming office, with a record estimate of N47.9 trillion. The President began his presentation at 12:40 p.m., following an opening speech by Senate President Godswill Akpabio.
“In fulfilment of my constitutional duties and commitment to rebuilding Nigeria towards a prosperous future, I hereby present the 2025 budget to the joint session of the 11th National Assembly,” Tinubu stated, prompting widespread amusement as legislators corrected him to “10th National Assembly.”
Sensing the mix-up, Tinubu quipped, “I wrote 11, which means you are all re-elected,” drawing further laughter and cheers.
Budget Highlights
The proposed 2025 budget prioritizes key sectors, with allocations as follows:
Defence and Security: N4.91 trillion
Infrastructure: N4.06 trillion
Education: N3.5 trillion
Health: N2.4 trillion
Tinubu outlined the budget’s objectives, emphasizing macroeconomic stability, an improved business environment, inclusive growth, and poverty reduction.
“The 2025 budget seeks to restore macroeconomic stability, foster employment, promote equitable income distribution, and enhance human capital development,” he said.
Revenue and Projections
The President projected N34.8 trillion in revenue to fund the budget, with total government expenditure estimated at N47.9 trillion. The budget includes a deficit of N13.0 trillion (3.89% of GDP), alongside a debt servicing allocation of N15.81 trillion.
He also highlighted economic targets, including a reduction in inflation from 34.6% to 15% by 2025 and an exchange rate improvement from approximately N1,700 per dollar to N1,500 per dollar.
Oil Production and Petroleum Sector
Tinubu set the 2025 crude oil production target at 2.06 million barrels per day and forecasted a decline in finished petroleum imports, coupled with an increase in refined product exports.
The presentation, lasting approximately 30 minutes, was met with cheers, particularly from lawmakers of the ruling All Progressives Congress (APC). Tinubu’s proposals now await further deliberation and approval by the National Assembly.