Presentation by His Excellency, President Bola Ahmed Tinubu, GCFR on the 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity to the National Assembly on Wednesday, 18th December 2024
PROTOCOLS:
- Vice President, Senator Kashim Shettima
- Senate President, Senator Godswill Akpabio
- Speaker, Tajudeen Abbas
- National Chairman Abdullahi Umar Ganduje
- State Governors, Distinguished National Assembly Members
- Senior Government Officials, Gentlemen of the Press,
My Fellow Nigerians,
- In fulfilling my constitutional duty and commitment to rebuilding Nigeria, I present the 2025 Budget, a vital step for securing our future prosperity.
- The 2025 Budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is aligned with our Renewed Hope Agenda, focusing on stabilizing the economy, improving lives, and enhancing national performance.
- Our journey of economic reforms, which began 18 months ago, continues. Though challenging, the road has not been in vain, and I thank Nigerians for joining us in this transformation.
- This budget aims to consolidate policies that restructure the economy, boost human capital development, enhance trade, oil and gas production, and increase manufacturing competitiveness.
- I believe in the resilience of the Nigerian economy and its people. Together, we will rebuild the foundation of our economy and secure our future.
- The 2025 Budget builds on the success of the 2024 Budget, focusing on national security, economic opportunities, infrastructure, and national re-orientation.
CURRENT ECONOMIC REALITIES AND PROGRESS
- Distinguished members of the National Assembly, our economy is responding positively to reforms. Stimulus measures are working, and we expect further growth.
- Our economy grew by 3.46% in Q3 2024, surpassing 2023’s 2.54%. Foreign reserves stand at nearly $42 billion, and trade surpluses are at ₦5.8 trillion.
2024 BUDGET PERFORMANCE
- The 2024 budget saw 75% of our revenue target met, reaching ₦14.55 trillion by Q3, with ₦21.60 trillion in expenditures (85% of target).
PHILOSOPHY OF THE 2025 BUDGET
- The 2025 Budget aims to restore macroeconomic stability, enhance the business environment, promote inclusive growth, and reduce poverty.
- It aligns with the Renewed Hope Agenda and reflects the administration’s strategic priorities.
2025 BUDGET OVERVIEW
- The 2025 budget targets ₦34.82 trillion in revenue and ₦47.90 trillion in expenditure, including ₦15.81 trillion for debt servicing. The budget deficit is ₦13.08 trillion, or 3.89% of GDP.
- Projections include a decline in inflation to 15%, improved exchange rates, and increased oil production (2.06 million barrels per day).
KEY PRIORITIES: REBUILDING NIGERIA
- The 2025 budget emphasizes security, infrastructure, and human capital development.
Key allocations:
- Defence and Security: ₦4.91 trillion
- Infrastructure: ₦4.06 trillion
- Health: ₦2.48 trillion
- Education: ₦3.52 trillion
SECURING OUR NATION
- Security is paramount. We are increasing funding for the military, police, and paramilitary forces to ensure safety and bolster national sovereignty.
INFRASTRUCTURE DEVELOPMENT
- The Renewed Hope Infrastructure Development Fund is accelerating investments in transport, energy, and public works. Legacy projects like the Lagos-Calabar Coastal Highway are underway.
HUMAN CAPITAL DEVELOPMENT
- Education and healthcare are top priorities. We’ve allocated ₦826.90 billion for education infrastructure and ₦402 billion for health sector development, ensuring access to quality care for all.
REVITALIZING AGRICULTURE
- Agriculture is vital for food security. We are supporting farmers and increasing productivity to eliminate hunger and ensure Nigerians can feed themselves.
CONCLUSION
- The 2025 budget is not just about revenue and expenditures but a call to action. We must tackle corruption, insecurity, and past poor decisions collaboratively.
- This budget sets the foundation for a prosperous, secure, and thriving Nigeria. Together, we will rebuild our nation.
- I present the 2025 Budget, the “Restoration Budget: Securing Peace, Rebuilding Prosperity,” to the National Assembly.
- May God bless Nigeria.
Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of the Armed Forces
Federal Republic of Nigeria
