News
FULL TEXT: President Tinubu’s 2025 Budget Speech at National Assembly on December 18, 2024
PRESENTATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR
OF
THE 2025 BUDGET OF RESTORATION: SECURING PEACE, REBUILDING PROSPERITY
TO
A JOINT SESSION OF THE NATIONAL ASSEMBLY ON WEDNESDAY 18TH DECEMBER, 2024
PROTOCOLS:
— The Vice President, Senator Kashim Shettima
— Senate President, Distinguished Senator Godswill Akpabio
— Right Honourable Speaker, Tajudeen Abbas
— National Chairman of our great party, Excellency, Abdullahi Umar Ganduje
— State Governors here present
— Distinguished Leaders and Members of the National Assembly
— Senior Government Officials here present
— Gentlemen of the press,
My Fellow Nigerians,
1. In fulfilment of one of my constitutional duties and with unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.
2. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.
3. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.
4. The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.
5. The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.
6. We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.
7. The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.
8. We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
9. The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.
CURRENT ECONOMIC REALITIES AND PROGRESS
10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
11. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
12. Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
o Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
o Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
o Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
13. These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.
2024 BUDGET PERFORMANCE
14. I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:
o 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.
o 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.
15. While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.
PHILOSOPHY OF THE 2025 BUDGET
16. The 2025 Budget seeks to:
o Restore macroeconomic stability.
o Enhance the business environment.
o Foster inclusive growth, employment, and poverty reduction.
o Promote equitable income distribution and human capital development.
17. Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.
2025 BUDGET OVERVIEW
18. 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.
o In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
o Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
o A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
19. This is an ambitious but necessary budget to secure our future.
20. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
21. These projections are based on the following observations:
o Reduced importation of petroleum products alongside increased export of finished petroleum products.
o Bumper harvests, driven by enhanced security, reducing reliance on food imports.
o Increased foreign exchange inflows through Foreign Portfolio Investments.
o Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
KEY PRIORITIES: REBUILDING NIGERIA
22. Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
23. Highlights of the 2025 Budget Allocations:
• Defence and Security: N4.91 trillion
• Infrastructure: N4.06 trillion
• Health: N2.48 trillion
• Education: N3.52 trillion
24. As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.
Securing Our Nation:
25. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.
26. The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.
Infrastructure Development:
27. When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.
Human Capital Development:
28. Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:
o Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.
o We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.
Revitalizing Agriculture:
29. Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.
30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.
31. Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.
32. The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.
33. As your President, I remain committed and resolute to continue to lead the charge.
34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.
35. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.
36. May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.
Thank you.
ABOUT THE AUTHOR
Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of The Armed Forces,
Federal Republic of Nigeria
No no no Presidential candidate of Nigeria Democratic Congress (NDC), Mr Peter Obi, said that President Bola Tinubu has travelled over 260 days outside the country, but can’t spend 36 days to go round the states of the federation to campaign for next year’s general election.
President Tinubu had said that he may not campaign in all the 36 states of the country for next year’s general election because governance also require his attention.
Obi who declared himself as the leading presidential candidate for the 2027 election, said the President does not have the energy and competence to run the country and therefore should pack out of Aso Rock, go home and rest.
He stated this on Thursday in Abakaliki, Ebonyi State capital, during a town hall political summit.
“I want President Tinubu to come to Abakaliki to tell the people what he has done in the past three years. I want him to come to Abakaliki to tell you what he used the money he has been borrowing to do for the past three years.
The former governor of Anambra state urged the Presidential candidate of All Progressives Congress (APC), to made himself available in Ebonyi state to tell Nigerians what he has used their monies he borrowed to do.
“President Tinubu has stayed over 260 days out of Nigeria yet, he cannot spend up to 36 days to go round Nigeria to tell the people what he has been doing for the past three years. We will not do that.
“President Tinubu does not have the competence to run Nigeria. He does not have the energy to run Nigeria. He should pack his things, go home and rest”, he said
Obi warned against dividing South East and declared that he was seeking votes of the electorate as a Nigerian who is eminently qualified for the presidency.
“Let nobody divide the South East. I don’t want the people of Ebonyi to vote for me because I am from the South East. I don’t want you to vote for me because I am an Igbo person.
“My dear people, I want you to vote for me because I am qualified to be the President of this country. I want you to vote for me because I am the leading candidate”, he opined
He announced to declare emergency on hunger, insecurity, education, corruption, health, power and other challenges confronting the nation and threatened to jail anyone who embezzles public fund if he emerges the President.
“We will declare emergency on about seven items. Number one is that we must unite Nigeria. We don’t want people to be around Nigeria saying, I am Igbo, I am Yoruba, I am Hausa, I am this, I am that.
“We must unite this country, our pride should not be consideration of employment, this or that. We will operate federal character for all the jobs we have. So, we must unite the country.
“We will declare emergency in the security of lives and property in Nigeria. We will deal with insecurity decisively. Nobody will be in charge, we will be in charge.
“Let me assure today, if I am President of this country, kids come to school and somebody takes them into the bush, we will be in the bush with such person. They will not be there alone, we will be there with those kids. We will defend the country because we are going to equip the security agencies to make sure that our country is safe.
“We will declare emergency in corruption. I will fight corruption like nobody has fought it before. Public money must be used for public good, nobody will steal our money again. If you do it, you will go to jail starting from the President.
“We will declare emergency in education.
“We have over 18 million children out of school, we must reduce it. We will declare emergency on hunger. We have vast lands, our farmers must go back to farm, be able to cultivate, give us what we eat and be able to export. We will do that.
“We will declare emergency in health. We must have a functional healthcare in all the political ward of Nigeria. Every ward must have it, we have the resources to do it,” Obi stated.
Peter Obi and President Tinubu
…Recounts challenges inherited in 2023, outlines progress in security, infrastructure, education, economic development
Governor of Enugu State, Dr. Peter Mbah, has rendered an account of his manifesto performance to the people of Enugu State, saying his administration had made substantial progress in restoring Enugu’s position as a place where people want to live, work, invest and visit.
Mbah recalled that he presented his manifesto at the same venue in October 2022 ahead of the 2023 governorship election, saying the Manifesto Performance Update was in keeping faith with the Citizens Charter (Executive Order 001), which he executed upon his inauguration on May 29, 2023.
Speaking at the event themed “Our Commitment to Ndi Enugu: The Journey So Far,” which took place at the Peter Mbah Law Auditorium at Godfrey Okoye University, Enugu, on Thursday, Mbah recalled the state of affairs at the time he assumed office and outlined his government’s achievements, development priorities and long-term economic ambitions.
“Think back to May 2023, when we first assumed office. Think about the condition of our state, the difficulties we faced, and the expectations we had.
“There was a time when Monday was no longer an ordinary working day in Enugu. Shops remained closed. Roads were deserted. Parents were afraid to send their children to school. People who depended on their daily earnings had to surrender an entire day’s income because others had decided they should remain indoors. That was the reality we inherited.
“Our roads were in poor condition. Public services had deteriorated. Many schools were struggling to provide the kind of education our children deserved. Our health facilities needed substantial investment. And Enugu, a city that had once been the natural centre of commercial, political and cultural life across the region, was gradually losing that position.
“Businesses were looking elsewhere. Major events were moving to other cities. Our airport had barely two incoming flights a day,” he stated.
He, however, said his administration had guided the state to significant progress, highlighting achievements in health, education, tourism, agriculture, transportation and other sectors, and their connections to his 2023 campaign promise to eradicate poverty and grow the state’s economy from $4.4 billion to $30 billion.
“Today, people are going about their business with a freedom that had been denied to them for far too long.
“A trader can plan a full working week. Children can attend school. Businesses can receive customers, move goods and keep their employees working. That security gave us a foundation upon which other changes could begin,” he said.
“That is how economic development begins to reach into households and communities.
“The changes are visible, and the scale of our ambition is becoming clearer. We should take pride in what has been achieved, while recognising how much remains to be done,” he maintained.
He urged the people to seize the opportunity of the moment by rallying around him to continue with the task of building a prosperous future for the state.
“This is one moment in the long history of Enugu. This is a moment of extraordinary possibility for our people. And I believe this is the moment we must seize. The work we have begun needs the commitment of all of us.
“I ask you to bring your ideas, your skills, your enterprise and your experience into the life of our state. Take an interest in what is happening in your community. Help us identify problems and develop practical solutions.
“We have the opportunity to leave something of lasting value to those who come after us: a state with stronger institutions, a more productive economy, better opportunities for its children and communities whose people can take pride in what they have achieved together. That is the Enugu I want us to build,” he concluded.
Earlier, the Vice-Chancellor of Godfrey Okoye University, Prof. Christian Anieke, recalled that Mbah had presented his manifesto at the same venue in 2022, ahead of the 2023 governorship election, which he subsequently won.
Anieke commended the governor for returning to the university to render an account of his stewardship nearly four years into his administration.
He urged other political leaders entrusted with public office to emulate the practice of returning to the people to explain their performance and account for their promises.
The vice-chancellor said the accomplishments of the Mbah administration were evident and verifiable, arguing that many of the projects and interventions were visible to residents.
The event drew the attendance of a cross-section of the society, including members of the academia, students, civil society organisations, business owners, professional bodies, and media, among others.
The management of Amadeo Event Centre, Enugu, has denied claims that it prevented the Nigerian Democratic Congress (NDC) from using its facility for a political event, insisting that the dispute arose from an alleged breach of a booking agreement.
In a press release issued on Thursday, the management said the facility was initially booked by Dr Sabastine Chuks Ezeh, Registrar of the Nigeria Institute of Healthcare Givers and Medical Social Work Practitioners, for a national meeting and conference scheduled for October 15, 2026.
According to the statement, the booking was made on October 7, while Dr Ezeh subsequently submitted a letter of cancellation and refund request on October 13.
The management explained that the client later withdrew the cancellation request, stating that the association intended to postpone the event rather than cancel it.
It said the new date of October 29 was confirmed on October 23, with arrangements made for decorations to commence on October 28.
However, Amadeo Event Centre said it discovered on the morning of October 28 that the decoration materials brought to the premises were intended for a political party rather than the association that had booked the facility.
The management described the development as a violation of the terms and conditions of the booking agreement.
It cited Clause 17 of its terms and conditions, which it said reserves the right of management to stop activities, meetings or events that are not conducted in accordance with the facility’s rules and applicable regulatory requirements.
The management said it subsequently notified the client of the cancellation of the facility’s approval for the event.
It further claimed that officials and candidates of the NDC later arrived at the premises with security personnel, expressing surprise at what it described as a change in the identity of the client and the nature of the event.
Despite the disagreement, the management said it eventually allowed the gathering to proceed to prevent a possible breakdown of law and order.
According to the statement, the organisers informed management that the event would be a youth town hall meeting featuring Mr Peter Obi.
Venue Denies Booking by Political Party
Amadeo Event Centre maintained that no political party booked its facility for the October 29 event, insisting that the only booking for the date was made by the healthcare practitioners’ association for a national meeting and conference.
The management also described the centre as a non-partisan venue, stating that its policy since inception had been to decline requests to use its facilities for political purposes.
It denied seeking police intervention to stop the gathering, explaining that the officers seen in viral videos were security escorts accompanying political aspirants who arrived at the premises after the cancellation notice had been issued.
Management Denies Enugu Government’s Involvement
The event centre also dismissed suggestions that the Enugu State Government was involved in the controversy.
According to the management, the state government played no role in the matter, adding that it received no instruction, directly or indirectly, from any government official regarding the event.
It attributed the public controversy surrounding the incident to what it described as a partisan interpretation of the matter amid the current political season.
The management reaffirmed its commitment to providing a venue for peaceful and lawful gatherings, including academic, social, religious and corporate events.
The controversy has attracted attention on social media, with discussions focusing on the circumstances surrounding the planned gathering, the cancellation notice and the presence of security personnel at the facility.
-
News2 days agoBREAKING: El-Rufai Tests Positive for Drug-Resistant Bacteria, Shows Signs of Possible Severe Infection—Report
-
News2 days ago
FG kicks off $100m Southeast gas pipeline project
-
News1 day ago
Mbah Denies Alleged Order to Block Opposition Town Hall Meeting
-
News1 day ago
Governor Bago’s Convoy Accident Kills Four University Students, Driver
-
International1 day ago
Spain Train Crash Kills at Least 64, Leaves 80 Injured
-
News3 days ago
2027: Mbah Leads the Charge as Enugu APC Unveils Campaign Council
-
Politics2 days ago
Why South-East Should Support Tinubu: Mbah Cites Gas Pipeline, Airport Development, SEDC
-
News1 day ago
Tinubu Departs for Saudi Arabia to Perform Umrah, Pray for Nigeria
