Speech by President Bola Ahmed Tinubu on the 2025 Budget: A Path to Peace and Prosperity

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 fulfilling my constitutional obligation and with unwavering dedication to rebuilding Nigeria, I present the 2025 Budget to the Joint Session of the 11th National Assembly, with a firm commitment to guiding us towards a prosperous future.
2. Today, as I stand before this esteemed chamber, I present the 2025 Budget at a critical juncture in our nation’s development.
3. The 2025 Budget Proposal reflects our administration’s vision to secure peace, foster prosperity, and offer hope for a brighter future for Nigeria. This budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” aligns with our Renewed Hope Agenda and demonstrates our dedication to stabilizing the economy, improving lives, and positioning our nation for greater achievements.
4. The path of economic renewal and institutional development, which we embarked upon 18 months ago, continues to progress. This journey, though challenging, is essential for Nigeria’s future success. I thank every Nigerian for their partnership in this process of reform and transformation.
5. The road to reform is not easy, but as your President, I assure you that the sacrifices we make now will bear fruit. We must stay committed to the process to reach our shared goals.
6. We must continue to build on the progress made in the past eighteen months, strengthening our economy to withstand future global challenges.
7. The 2025 budget I present today is one of restoration, designed to consolidate the policies that will restructure our economy, enhance human capital development, increase trade and investments, boost oil and gas production, revitalize manufacturing, and improve our global competitiveness.
8. We are committed to following this path of economic strengthening. Just as I trust in the resilience of our economy, I also have confidence in the strength of the Nigerian people. Together, we will rebuild our nation’s economic and social fabric.
9. The successes we saw in the 2024 budget have paved the way for the 2025 budget. The core objectives of national security, economic opportunity, youth investment, infrastructure development, and national re-orientation will guide this budget, laying a strong foundation for Nigeria’s future growth.

CURRENT ECONOMIC REALITIES AND PROGRESS

10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, esteemed leaders and members of both chambers of the National Assembly, I am pleased to report that our economy is showing positive signs of recovery. We aim to further stimulate growth through targeted fiscal measures, public investments, and strategic non-inflationary spending.
11. The reforms we have implemented are beginning to yield tangible results. Nigerians will soon feel the benefits of a more functional and resilient economy.
12. Global economic growth in 2024 was projected at 3.2%, and against expectations, our nation made significant strides.
    • Our economy grew by 3.46% in the third quarter of 2024, up from 2.54% in the same period last year.
    • Our foreign reserves have reached nearly 42 billion US dollars, providing a solid buffer against external economic shocks.
    • Our export growth has contributed to a trade surplus of 5.8 trillion naira, as reported by the National Bureau of Statistics.
13. These achievements reflect the resilience of our economy and the effectiveness of the policies we have implemented since the beginning of our administration.

2024 BUDGET PERFORMANCE

14. I am pleased to share that our administration has made remarkable progress in implementing the 2024 Budget. In 2024, we achieved:
    • 14.55 trillion naira in revenue, reaching 75% of our target by the third quarter.
    • 21.60 trillion naira in expenditure, representing 85% of our target by the same period.
15. Despite ongoing challenges, we have made significant improvements in revenue collection and have met key financial obligations, with the positive effects of these efforts gradually becoming evident in the economy.

PHILOSOPHY OF THE 2025 BUDGET

16. The 2025 Budget is designed to:
    • Restore macroeconomic stability.
    • Improve the business environment.
    • Foster inclusive growth, create jobs, and reduce poverty.
    • Promote fair income distribution and invest in human capital development.
17. The budget allocations reflect our strategic priorities, particularly the implementation of the Renewed Hope Agenda and its developmental goals.

2025 BUDGET OVERVIEW

18. The numbers in the 2025 budget proposal highlight the bold steps we are taking to revamp Nigeria’s socio-economic landscape.
    • We are targeting 34.82 trillion naira in revenue for 2025.
    • Government expenditure is projected at 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
    • The budget deficit is estimated at 13.08 trillion naira, or 3.89% of GDP.
19. This ambitious budget is essential to securing Nigeria’s future.
20. The budget forecasts a reduction in inflation from 34.6% to 15% by next year, while the exchange rate is expected to improve from approximately 1,700 naira per US dollar to 1,500 naira. The projected oil production is 2.06 million barrels per day.
21. These projections are based on the following key factors:
    • Reduced petroleum product imports and increased exports of refined petroleum products.
    • Strong harvests, bolstered by improved security, reducing the need for food imports.
    • Higher foreign exchange inflows through Foreign Portfolio Investments.
    • Increased crude oil production and exports, with a significant reduction in upstream oil and gas production costs.

KEY PRIORITIES: REBUILDING NIGERIA

22. The budgetary allocations emphasize this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
23. Key allocations in the 2025 Budget include:
    • Defence and Security: N4.91 trillion
    • Infrastructure: N4.06 trillion
    • Health: N2.48 trillion
    • Education: N3.52 trillion
24. As we move forward with the 2025 Budget, our actions are deliberate, our decisions firm, and our priorities clear. This budget reflects our commitment to building a strong foundation for a robust economy while addressing critical sectors vital for national growth and development.

Securing Our Nation:

25. Security is the cornerstone of progress. We have significantly increased funding for the military, paramilitary, and police forces to safeguard our nation, protect our borders, and maintain control over every part of our territory. We will continue to equip our security forces with the tools and technology they need to keep us safe. Boosting the morale of our armed forces remains a top priority.
26. Our Armed Forces and the Nigerian Police Force are the guardians of our nation. We will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our citizens should never live in fear—whether in their homes, on farms, or in cities. Restoring peace will boost productivity, revitalize businesses, and rebuild communities.

Infrastructure Development:

27. The Renewed Hope Infrastructure Development Fund reflects our belief that infrastructure is the backbone of a thriving economy. Through this initiative, we are accelerating investments in energy, transportation, and public works. By leveraging private capital, we aim to complete key projects that will drive growth and create jobs. Notable projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway are already underway, promising significant benefits for our people and the economy.

Human Capital Development:

28. Our people are our most valuable resource. That is why we are making unprecedented investments in education, healthcare, and social services:
    • We have disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In 2025, we have allocated 826.90 billion naira for education infrastructure, including provisions for the Universal Basic Education (UBEC) and nine new higher educational institutions.
    • We are committed to Universal Health Coverage, which will strengthen primary healthcare systems across the country. In the 2025 Budget, we have allocated 402 billion naira for healthcare infrastructure and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalized with essential medications and resources, ensuring better healthcare for all Nigerians.

Revitalizing Agriculture:

29. Agriculture is central to our food security agenda, but insecurity has hindered this vital sector. We are providing support to farmers through funding and resources to boost productivity. Ensuring food security is a top priority. We are taking bold steps to ensure that no Nigerian goes to bed hungry.
30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, esteemed leaders, and fellow Nigerians, the 2025 budget is not just a financial proposal—it is a call to action.
31. Our nation faces challenges from corruption and insecurity, but these are not insurmountable. By working together, we can overcome these obstacles. Every leader, institution, and citizen has a role to play in rewriting Nigeria’s future.
32. The time for lamentation is over. It is time for action—time to support private sector investment, ensure civil servants implement policies faithfully, and for every Nigerian to look forward to a brighter future. A new day has dawned for Nigeria.
33. As your President, I am committed to leading the charge.
34. This 2025 budget proposal is the foundation for peace, prosperity, and hope. It is the roadmap to a Nigeria where every citizen can thrive in safety and opportunity.
35. It is with great pride that I present to 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.
Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of the Armed Forces,
Federal Republic of Nigeria