Tinubu Lays Out 2025 Budget, Promises Economic Relief
— Vice President Senator Kashim Shettima
— Distinguished Senate President, Senator Godswill Akpabio
— Right Honourable Speaker, Tajudeen Abbas
— National Chairman of our great party, His 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,
Fellow Nigerians,
1. Therefore, I stand before this sacred Assembly to present the 2025 Budget as one of the constitutional functions I will perform in confidence to rebuilding Nigeria towards ensuring that we stay true on the path to a prosperous future.
2. I seek to present to you, this day, within these hallowed precincts, the 2025 Budget at a rather critical juncture in the developmental trajectory of our nation.
3. The 2025 Budget Proposal yet again reinforces the roadmap of our administration to secure peace, prosperity, and hope in a greater future for our country. This budget, named “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very heart of our Renewed Hope Agenda and demonstrates our commitment to translating this agenda into action through economic stabilization, improvement of lives, and repositioning of the country for greater performance.
4. The journey towards the renewal of our economy and development of our institutions, which started 18 lonely months ago as a nation, is very much in progress. It is not a journey of our choosing but one we had to embark upon for Nigeria to have a real chance at greatness. I thank every Nigerian for joining us in this journey of REFORMS and TRANSFORMATION.
5. It is now quite evident that the way of reforms hails from the road, and in my capacity as the President of this blessed nation, I admit that the road less travelled has not been smooth sailing. There have been difficulties and trials;
In faith, collective process creates the destination. 6. Moving forward, we must capitalize on earlier gains made in the last eighteen months toward restructuring the economy and en-vigorating it for the gales of any future global downturn accidents.
This is the 2025 budget I present today; it is one of restoration. The main purpose of this budget is to entrench the core policies we have adopted to transform our economy; enhance the development of human capital; raise the level of our trade and investments; improve oil and gas output; revitalize the manufacturing sector; and, in the end, heighten the competitiveness of our economy.
We shall not veer off this critical path that strengthens our Nigerian economy. Just as I believe in the power of our economy to resist these current challenges, I believe even more in the long-lasting quality of the Nigerian people. I summon again the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
Those improvements effects were with us in the 2024 budget, with which we are now stepping into the 2025 budget. Economic opportunities, security advancement, investments in the now-important youthful population, infrastructure development, and national re-orientation are the key areas that define the 2025 budget. But most importantly, it is going to be a very sound base for future growth trajectories of Nigeria.
CURRENT ECONOMIC REALITIES AND PROGRESS
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. It is to be further stimulated by application of targeted fiscal stimulus packages: i.e. further policy intervention in spending and taxation.
It will also further enhance the economy through targeted fiscal stimulus packages through public expenditure as well as dedicated non-inflationary expenditure.
11. The reforms which we are instituting are beginning to bear fruits; hence, Nigerians will soon experience a better economy that works.
12. Forecast for global economic growth for the outgoing year 2024 amounted to 3.2 percent, and against the otherwise predicted course, our country has shown much more than this.
Our economy recorded a growth of 3.46 percent in the third quarter of 2024 compared to 2.54 percent as it was in the third quarter of 2023. o Almost 42 billion US dollars is now in our Foreign Reserves, providing a sound buffer against external shocks.
Rising exports mirror the current trade surplus now at 5.8 trillion naira according to the National Bureau of Statistics.
13. Among other indices, these clearly are signs of gradual recovery well reflecting the resilience of our economy together with the effect of deliberate choices of policy that we made early on.
2024 BUDGET PERFORMANCE
I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024 our budget attainments are:
14.55 trillion naira in revenue, constituting about 75 percent of our target as at the third quarter.
Expenditure amounted to 21.60 trillion naira or 85 percent of our target also in the thrid quarter.
We have improved revenue collection and paid some major obligations while challenges still remain. The transformational effects of these developments are gradually or slowly being felt in the economy.
PHILOSOPHY OF THE 2025 BUDGET
Restore macroeconomic stability enhance the business environment include both growth-inclusive employment and poverty reduction promote equitable income distribution and human capital development.
They also reflect strategic priorities under the administration in the budget implementation for the Renewed Hope Agenda and its development strategy.
BUDGET OVERVIEW 2025
18. Figures from our budget proposal for 2025 form a bold and exciting picture of the way we are taking to retool and revamp society’s socio-economy. It is expected that in 2025, the revenue that will fund the budget will amount to 34.82 trillion naira.
The projected amount of governmental expenditure in the same year will include amounts for debt servicing at 15.81 trillion naira, bringing the total outlay to 47.90 trillion naira.
o With a development budget deficit amounting to 13.08 trillion naira or 3.89 percent of GDP.
19. This is a bold but necessary budget to guarantee our future.
20. The Budget estimates that inflation will drop from the current rate of 34.6 percent to 15 percent next year, while the foreign exchange rate will improve from about 1,700 naira per US dollar to 1,500 naira, with a base crude oil production assumption of 2.06 mbpd (million barrels per day).
21. These are based on the following observations:
Reduced importation of petroleum products and increased exportation of finished petroleum products.
Bumper harvests, driven through enhanced security, will reduce dependency on food imports.
Increase inflows to the foreign exchange pool through Foreign Portfolio Investments.
Major increase in crude oil output coupled with increased exports and drastic reduction in upstream oil and gas production costs.
KEY PRIORITIES: REBUILDING NIGERIA
22. Our budget presentations serve as very powerful references for strategic focus areas for this administration, including progress on the Renewed Hope Agenda and transformational objectives.
23. Some of the Highlights of the 2025 Budget Allocations:
N4.91 trillion on Defence and Security.
N4.06 trillion on Infrastructure.
N2.48 trillion on Health.
N3.52 trillion on Education.
24. Moving forward implementing 2025 Budget, we are intentional on our steps, resolute on our decisions, and straightened on our priorities. This budget reflects commitment for strengthening a solid foundation for a robust economy while ensuring critical intervention where necessary for the growth and development we envision.
Securing our Nation:
25. Security as a matter of foundation laid is necessary for any other gains. We’ve really upped the funding for the military, paramilitary, and police forces-the list goes on and on. There is need to take care that these have proper equipment because we intend to secure every inch of our national territory and ensure that the borders are highly secured and that government can assert its powers and presence there.
It is adding value to the morale of our men and women in arms; boosting their morale will always remain the topmost priority of our government.
26. Basically, the officers, men, and women of our Armed Forces, and the Nigerian Police Force are shields and protectors of our nation. Our administration will ensure that these men and women are adequately empowered to overcome insurgency, banditry, and every form of attack on the sovereignty of the nation. Our people are never meant to live in fear, that is, whether in the farms, highways, or cities.
Infrastructure Development:
28. When we initiated the Revitalized Hope Infrastructure Development Fund, we did so believing that infrastructure is the lifeblood of every flourishing economy. In this programme, we are fast-tracking investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. Some major inheritance projects already commenced include the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway; these will have magnanimous effects on the lives of our people and enhance economic productivity.
Development of Human Capital:
29. Our people are our main resource that is why we are truly investing in education, healthcare and other social services. Our government has so far approved 34 billion naira for Nigeria Education Loan Fund (NELFUND) to over 300,000 students. This provision includes those for Universal Basic Education (UBEC) and nine new higher institutions.
We are positive that the initiatives on Universal Health Coverage will strengthen primary health care delivery systems across Nigeria. In the 2025 Budget, we allocated 402 billion naira for investments in health development infrastructure and an additional 282.65 billion naira for the Basic Health Care Fund. Hospitals will receive innovative drugs and other better costs so that quality will be accessible to all Nigerians. This is similar to what the Federal Government has in mind for procuring essential medicines to public healthcare facilities all over the country. Improving healthcare access and significantly reducing dependence on imports of medicines.
Revamping Agriculture:
29. There is increased food production at the core of our food security agenda. Hence, it is this sector that insecurity has crippled. We are putting live funding and inputs to the farmers to get productive again. Food security must be non-negotiable. In this regard, we are taking very bold steps to ensure that each Nigerian can feed conveniently, and no citizen will 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 a statement on projected government revenue and expenditures. It is one that calls for action.
31. Corruption and insecurity are threats to the existence of our nation, and much of the suffering it currently bears is the result of many past bad decisions. These are issues that can be surmounted if we put our heads together to fight them. As a people, we must together rewrite the script of this nation in partnership with every leader, institution, and citizen.
32. That time for moaning has past; this is a time for doing. It is the time to support and encourage more investment in the private sector. It is the time civil servants must really implement our policies and programs. Time for all Nigerians to look forward with hope for a brighter future, for our new dawn as a nation has broken.
33. Together with you, I have come to say as President, I remain committed, firm, and action-ready to proceed from charge to leadership.
34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. Through this, the Nigeria where every citizen can dream, work, and thrive in safety can be achieved.
35. It is therefore with immense delight that I present this distinguished Joint Session of the National Assembly with the 2025 Budget.
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