Being text of the 2025 budget presentation by President
Bola Tinubu to a joint session of the national assembly on December 18, 2024.
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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
24. As we embark on implementing 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 investments in
energy, transport, and public works. By leveraging private capital, we hope 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 so far disbursed 34 billion naira to over 300,000
students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we
have made provision for 826.90 billion naira for infrastructure development in
the educational sector. This provision also 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 is one that 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. A time to
support and promote greater investment in the private sector. A time for our
civil servants to faithfully execute our policies and programmes. It is a time
for every Nigerian to look hopefully towards a brighter future because a new
day has dawned for 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
much needed hope. It is the plan through which a Nigeria where every citizen
can dream, work, and thrive in safety can be achieved.
35. It is with great pleasure, therefore, that I lay before 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.
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