President Bola Tinubu has proposed a total of N15.81 trillion for debt servicing in his 2025 “Restoration Budget.” He made this announcement while presenting the N47.9 trillion budget proposal to a joint session of the National Assembly on Wednesday.
Tinubu outlined that the government is aiming to generate N34.82 trillion in revenue to finance the 2025 budget.
He also noted that total government expenditure for the year is projected to reach N47.90 trillion, with N15.81 trillion allocated specifically for servicing the country’s debt.
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“The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society. In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
“Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing,” Tinubu said, adding “I promise we have to bring it down.”
The President highlighted that the budget deficit will total 13.08 trillion naira, representing 3.89 percent of the country’s GDP.
In terms of sectoral allocations, the largest share of the budget proposal is dedicated to defence and security, with N4.06 trillion. Health is allocated N2.4 trillion, while Education receives N3.5 trillion.
Additionally, President Tinubu projected that inflation would decrease from its current rate of 34.6 percent to 15 percent, and the exchange rate would be reduced from N1,700 to the dollar to N1,500.
