Budget Presentation: You Are All Re-Elected, Tinubu tells NASS Members

President Bola Tinubu brought a touch of humor to the presentation of the 2025 budget on Wednesday when he mistakenly referred to the 10th National Assembly as the “11th National Assembly.”

The President made the remark during his opening statement at the joint session of the National Assembly while unveiling the N47.9 trillion “Budget of Restoration.” His comment drew laughter and cheers from lawmakers, many of whom are members of his party, the All Progressives Congress (APC).

“In fulfilment of my constitutional duty and commitment to rebuilding Nigeria, I hereby present the 2025 budget to the joint session of the 11th National Assembly,” Tinubu said.

The room erupted as lawmakers quickly corrected him, prompting Tinubu to acknowledge the mix-up with humor. “I wrote 11, which means you are all re-elected,” he said, sparking further applause.

The President’s presentation, which lasted 30 minutes, highlighted the priorities of the 2025 budget, including:
– **Defence and security**: N4.91 trillion
– **Infrastructure**: N4.06 trillion
– **Health**: N2.4 trillion
– **Education**: N3.5 trillion

Tinubu stated, “The 2025 budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, reduce poverty, and promote human capital development.”

To fund the budget, the government is targeting a revenue of N34.8 trillion, with total expenditure projected at N47.9 trillion. This includes N15.81 trillion for debt servicing and a deficit of N13.0 trillion, equivalent to 3.89% of GDP.

The President also outlined key economic projections:
– **Inflation**: Expected to drop from 34.6% to 15% by the end of 2025
– **Exchange rate**: Forecast to improve from N1,700/$1 to N1,500/$1
– **Crude oil production**: Estimated at 2.06 million barrels per day

Tinubu emphasized efforts to reduce the importation of refined petroleum products while boosting exports in the sector.

The Senate President, Godswill Akpabio, had earlier delivered an opening speech before Tinubu’s presentation, which was met with cheers and optimism from the legislators.