The federal government has unveiled a ₦49.7 trillion “Budget of Restoration,” with projections anchored on improved non-oil revenue generation to finance ambitious spending on security, infrastructure, and human capital development.
The Director-General of the Budget Office, Tanimu Yakubu, described the 2025 financial plan as a bold step toward addressing Nigeria’s challenges while building a sustainable economic future.
According to a statement he released on Wednesday, after the presentation of the 2025 Appropriation Bill to the National Assembly by President Bola Ahmed Tinubu, Yakubu highlighted that the federal government expects to generate ₦36.35 trillion in revenue for 2025.
“This revenue framework emphasizes non-oil sources, including expanded tax collections, customs duties, and independent revenues from government enterprises,” he said.
Oil revenue remains part of the mix, with projections based on a $75 per barrel benchmark, a production target of 2.06 million barrels per day, and an exchange rate of ₦1,500 to the dollar.
The proposed ₦49.7 trillion expenditure represents the largest budget in Nigeria’s history, addressing critical national priorities through targeted investments. Security, infrastructure development, and human capital investment were identified as the key pillars of the financial blueprint.
“Peace is the bedrock of progress,” Yakubu emphasized, pointing to the ₦5 trillion allocated for security. These funds will boost the capacity of armed forces, police, and intelligence agencies to combat insurgency and insecurity.
Infrastructure development takes a significant share of capital spending, with ₦16 trillion allocated to complete road projects, expand rail networks, enhance power infrastructure, and invest in housing.
“These projects will stimulate investment, create jobs, and reduce the cost of doing business,” he noted.
In the social sector, over ₦6 trillion has been earmarked for education and healthcare, reflecting the government’s commitment to improving human capital, saying “investing in our people is investing in Nigeria’s future”.
Additionally, ₦826.5 billion will support agricultural mechanization and food security initiatives to reduce import dependence and foster rural development.
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The 2025 budget builds on President Bola Ahmed Tinubu’s reform agenda, particularly tax reform and the removal of fuel subsidies.
The government has expanded the tax base, adopted technology to enhance compliance, and redirected subsidy savings into targeted social programs such as conditional cash transfers and public transportation initiatives.
Yakubu acknowledged the reliance on borrowing to address the projected ₦13.39 trillion fiscal deficit but assured Nigerians of prudent debt management, saying “borrowing remains essential, but we are committed to ensuring it does not crowd out investments in critical sectors”.
Dubbed a “Budget of Restoration,” the proposal embodies the Federal Government’s resolve to secure peace, rebuild prosperity, and foster inclusive growth.
“This budget is not merely a financial plan; it is a declaration of intent,” Yakubu affirmed.
The success of the budget, he added, will depend on disciplined implementation, transparency, and stakeholder collaboration.
“With the support of Nigerians and our partners, we can restore peace, rebuild prosperity, and secure a brighter future for our nation”, he said.
