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President Bola Ahmed Tinubu has presented the 2025 Appropriation Bill, tagged “Budget of Restoration,” to a joint sitting of the National Assembly on Wednesday.
The budget prioritizes defence and security, infrastructure, health, and education, allocating ₦4.91 trillion, ₦4.06 trillion, ₦2.48 trillion, and ₦3.5 trillion, respectively.
The president highlighted the administration’s achievements in implementing the 2024 budget and claims his government generated ₦14.55 trillion in revenue, meeting 75% of its target as of the third quarter.
The president explained expenditure reached ₦21.60 trillion, representing 85% of the set goal.
President Tinubu said that despite challenges, the government improved revenue collection and fulfilled key obligations, and the transformational effects are gradually being felt in the economy.
Foreign Reserves Grow
Nigeria’s foreign reserves have also seen significant growth, hitting nearly $42 billion, up from negative numbers before Tinubu assumed office in May 2023.
This surge indicates a positive trend in the country’s economic stability.
Yemi Cardoso, former governor of the Central Bank of Nigeria (CBN), had earlier indicated that foreign exchange reserves had surpassed the $40 billion mark, the highest in almost three years. The president now corroborated this in his speech to parliament.
“The reforms had started to yield positive results, including marked improvements in the FX market and a stabilisation of foreign reserves, which have now surpassed the $40 billion mark, the highest in 33 months,” Cardoso had said.
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Tinubu made a bold promise that the 2025 budget would reduce inflation, currently at 34%, to 15% by focusing on agriculture and food production.
The president said, “Food security is non-negotiable,” and that the government will prioritize this sector to ensure economic growth.
The budget also emphasizes the need for investments in every sector, promoting inclusion, growth, and equitable income distribution.
President Tinubu urged Nigerians to re-write the narrative of the nation, with every leader and every citizen playing their part, saying the time for lamentation is over, and the time to act is now.
Key Sectors of Budget Emphasis
The proposed sectorial allocations include ₦4.91 trillion for defence and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.5 trillion for education.
Senate President Godswill Akpabio and Speaker of the House of Representatives Abbas Tajudeen presided over the joint session.
Lawmakers will scrutinize the budget and its allocations, particularly in the context of the administration’s ongoing economic reforms.
The Federal Executive Council (FEC) had earlier approved an estimated expenditure of ₦47.96 trillion for the 2025 fiscal year.
President Tinubu’s presentation of the budget came relatively late, necessitating legislative endorsement for the extension of the 2024 budget till June 2025.
Typically, the Minister of Finance, Mr Wale Edun, will discuss the budget details for citizens’ engagements later in the day.
Text of President’s Full Speech
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 an 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 11th National Assembly.
2. On this day, before this hallowed chamber, I present the 2025 Budget 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 the 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 we chose 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 in 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 our economy's competitiveness.
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 by implementing targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
11. Our reforms 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%, and against predictions, our country made significant progress.
Our economy grew by 3.46% in the third quarter of 2024, up from 2.54% in the third quarter of 2023.
Our foreign reserves now stand at nearly $42 billion, providing a robust buffer against external shocks.
According to the National Bureau of Statistics, our rising exports are reflected in the current trade surplus, which now stands at ₦5.8 trillion.
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:
₦14.55 trillion in revenue, meeting 75% of our target as of the third quarter.
₦21.60 trillion in expenditure, representing 85% 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:
Restore macroeconomic stability.
Enhance the business environment.
Foster inclusive growth, employment, and poverty reduction.
Promote equitable income distribution and human capital development.
17. Our budgetary allocations reflect the administration’s strategic priorities, especially in implementing 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.
In 2025, we are targeting ₦34.82 trillion 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.
A total of ₦13.08 trillion, or 3.89% 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% to 15% next year. In contrast, the exchange rate will improve from approximately ₦1,700 per US dollar to ₦1,500, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
21. These projections are based on the following observations:
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 substantially reduced upstream oil and gas production costs.
Key Priorities: Rebuilding Nigeria
22. Our budgetary allocations underscore this administration’s strategic priorities, particularly its commitment to advancing the Renewed Hope Agenda and achieving its developmental objectives.
23. Highlights of the 2025 Budget Allocations:
* Defence and Security: ₦4.91 trillion
* Infrastructure: ₦4.06 trillion
* Health: ₦2.48 trillion
* Education: ₦3.52 trillion
24. As we implement 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 energy, transport, and public works investments. By leveraging private capital, we aim 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:
Our administration has disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND) so far. In the 2025 Budget, we have provided 826.90 billion naira for infrastructure development in the educational sector. This provision includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.
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 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. It is a time to support and promote greater investment in the private sector. It is a time for our civil servants to execute our policies and programmes faithfully. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned on 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 hope. The plan is to achieve a Nigeria where citizens can dream, work, and thrive safely.
35. It is with great pleasure that I lay before this distinguished Joint Session of the National Assembly the 2025 Federal Government of Nigeria Budget titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.
36. May God bless our Armed Forces and keep them safe and the Federal Republic of Nigeria.
Thank you.
Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of The Armed Forces,
Federal Republic of Nigeria
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