President Bola Tinubu has presented a budget of N47.9 trillion for the 2025 fiscal year to the National Assembly.
The presentation was made on Wednesday to the joint session of the National Assembly held at the House of Representatives chamber.
The budget, christened ‘The Restoration Budget’, is designed to address key areas such as economic growth, human capital development, poverty reduction, and insecurity.
According to President Tinubu, “the 2025 appropriation was designed to address economic growth, human capital development, poverty reduction and insecurity.”
The president also emphasized that the budget will seek to ensure macroeconomic stability, poverty reduction, promoting economic stability, and developing human capital development.
Furthermore, he stated that the budget is necessary to secure Nigeria’s ambition.
The approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) by the two chambers of the National Senate paved the way for the budget presentation.
The MTEF and FSP have a total spending of N47.9 trillion and a new borrowing plan of N9.22 trillion, constituting domestic and foreign borrowings.
