On Thursday, the Nigerian Senate, under the leadership of Senate President Godswill Akpabio, approved the second reading of the ₦49.7 trillion 2025 Budget. The approval followed deliberations during a plenary session.

The budget, referred to as the “Budget of Restoration,” had been presented a day earlier by President Bola Tinubu to a joint session of the National Assembly. After its approval, the budget was referred to the Senate Committee on Appropriations, chaired by Senator Solomon Adeola, for further review.

The budget outlines a projected revenue of ₦34.82 trillion to fund a total expenditure of ₦47.9 trillion, leaving a deficit of ₦13 trillion. It includes key allocations such as ₦4.91 trillion for Defence and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health. Additionally, ₦15.81 trillion is set aside for debt servicing, which constitutes a significant portion of the expenditure plan.

President Tinubu, in his budget presentation, expressed optimism about the country’s economic trajectory. He projected that inflation would drop from 34.6% to 15% by 2025, and the exchange rate would improve to ₦1,500 per US dollar. Tinubu also stated an expected daily crude oil production of 2.06 million barrels, attributing these targets to factors such as increased local petroleum production, enhanced agricultural yields, higher foreign exchange inflows, and reduced costs in the oil and gas sector.

Tinubu described the budget as ambitious but necessary to secure Nigeria’s future. He stated that the proposed spending plan is part of a broader vision to rebuild the country’s economy and ensure peace and prosperity for all Nigerians.

The President noted that Nigeria’s economy is already showing signs of improvement, with a growth rate of 3.46% in the third quarter of 2024, compared to 2.54% during the same period in 2023. He also revealed that the country’s foreign reserves had risen to nearly $42 billion, providing a robust buffer against global economic uncertainties.