President Bola Tinubu has allocated a total sum of N15.81 trillion for debt servicing in his proposed 2025 “restoration budget”.

Tinubu disclosed this while presenting the N47.9 trillion budget proposal to a joint session of the National Assembly on Tuesday.

He said the government is targeting N34.82 trillion in revenue to fund the 2025 budget, while adding that government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.

“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 noted that a total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.

Taking top position in the sectoral allocation of the budget proposal is defence and security with N4.06 trillion. Health takes N2.4 trillion while Education gets N3.5 trillion.

Tinubu further noted that inflation was projected to go down from its current 34.6 per cent to 15 per cent while exchange rate was projected to be brought down from N1,700 to a dollar to N1,500.