FULL TEXT: Tinubu presents 2025 budget, prioritises infrastructure, food security, education

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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.
 
* Our economy grew by 3.46 percent in the third quarter of 2024, up from
2.54 percent in the third quarter of 2023.
 
* Our Foreign Reserves now stand at nearly 42 billion US dollars, providing
a robust buffer against external shocks.
 
* 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:
 
* 14.55 trillion naira in revenue, meeting 75 percent of our target as of
the third quarter.
 
* 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:
* 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 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.
 
* In 2025, we are targeting 34.82 trillion naira 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 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:
 
* Reduced importation of petroleum products alongside increased export of
finished petroleum products.
 
* Bumper harvests, driven by enhanced security, reducing reliance on food
imports.
 
* Increased foreign exchange inflows through Foreign Portfolio Investments.
 
* 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