Budget 2025: Federal Government allocates N175.84 billion for workers life insurance, Lagos rail network, "sensitive assets" insurance.
The Federal Government has allocated N175.84 billion in the 2025 budget to meet key national priorities related to labor welfare, infrastructure development and protection of strategic assets.
A summary shows that N146.14 billion has been budgeted as counterpart funds for the Lagos Green Line Metro project, a 68km railway network that stretches from the Lekki Free Zone to Marina, connecting the main areas of Lagos, including Victoria Island, Lekki and Ahh.
In addition, N17,313,619,734 was allocated for group life insurance coverage.
The initiative will benefit employees of Ministries, Departments and Agencies (MDAs), members of the National Youth Service Corps (NYSC) and critical security agencies such as the Department of State Services (DSS) .
The proposed 2025 budget also includes N12,420,122,743 for "sensitive assets" insurance, which is an essential measure to protect critical infrastructure and resources against growing risks. The allocation is intended to provide financial protection for government assets, facilities, and systems essential to the country's operational stability. It covers critical infrastructure, IT systems, and other strategically important assets, all of which face increasing threats from natural disasters to vandalism and cyberattacks.
In addition, the budget allocates significant funds to other critical sectors, including $4.06 trillion for infrastructure, $3.52 trillion for education, and $2.48 trillion for healthcare, which many analysts say reflects a comprehensive approach to national sustainability and development.
When it comes to securing sensitive national assets, social scientists advise the federal government to focus heavily on the national grid, which has come under constant attack in recent months.
The accompanying effects have been dire, with citizens suffering devastating power outages and businesses suffering traumatic financial losses. In 2024, Nigeria's power sector faced significant setbacks, including 12 alarming blackouts of the national grid and the destruction of 128 transmission towers, highlighting the vulnerable state of the country's power infrastructure.
However, the Minister of Power, Adebayo Adelabu, recently clarified that the power outages that occurred during the year were not solely the result of grid failures, but were mainly due to sabotage and vandalism of key power infrastructures under the jurisdiction of his ministry.
He highlighted deliberate and malicious actions that have undermined efforts to ensure a stable power supply across the country, further complicating the challenges in this sector.
As for the N146.14 billion counterpart funding from the Federal Government for the Lagos Green Line Metro Project, the money will be allocated to the Ministry of Finance (MOFI), which will manage the funds on behalf of the Ministry of Transport to advance the development of the project. .
The allocation is part of the N49.74 trillion budget proposed for the 2025 financial year and is part of the Ministry of Transport's overall budget of N256.73 billion to support its key initiatives.
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