News

FULL TEXT Of Tinubu’s Speech At 2025 Budget Presentation To National Assembly

Published

7 months ago

December 18, 2024

In fulfilment of one of my constitutional duties and with an 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.

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.

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.

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.

While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.

The 2025 Budget seeks to, restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction and promote equitable income distribution and human capital development.

Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.

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.

This is an ambitious but necessary budget to secure our future. 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).

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 and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.

Highlights of the 2025 Budget Allocations; Defence and Security: N4.91 trillion; Infrastructure: N4.06 trillion; Health: N2.48 trillion and Education: N3.52 trillion

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.

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.

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.

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.

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.

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.

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.

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.

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 on us as a nation.

As your President, I remain committed and resolute to continue to lead the charge.

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.

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.

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

Related Topics:#Tinubu 2025 Budget Budget

Up Next

JUST IN: Tinubu Arrives Lagos For Yuletide

Don't Miss

JUST IN: N’Assembly To Extend 2024 Budget Cycle

Comments

News

Congress Newspaper @4: X-Raying The Evolution Of Media In Ijaw Nation

Published

7 hours ago

July 11, 2025

Editor

By Joseph Kanjo

When Congress Newspaper/Online TV was launched four years ago, profit wasn’t the priority. “We weren’t looking at making money,” said Comrade Austin Ozobo, Managing Director of Congress Newspaper and a notable rights activist.

“I was in government as a Senior Special Assistant (SSA), and the salary wasn’t much. But I needed a platform where my voice—and the voices of like-minded individuals, especially my people—could be heard. So, I floated it. But today, things have changed. The profits are coming naturally,” he added.

These remarks came during my phone conversation with Comrade Ozobo, just days ahead of Congress Newspaper’s fourth anniversary celebration on July 10, 2025.

A well-known advocate for the rights of the Ijaw people and president of the Ijaw People’s Development Initiative (IPDI), Ozobo emphasized that his primary motivation was to amplify marginalized voices—especially those of his people. He reflected a sentiment similar to that of British musician and activist Peter Gabriel, who once said, “Those of us who have the eyes and ears of the media have a responsibility to amplify the voices of the voiceless.”

Fifteen years ago, it would have been difficult to count more than a handful of media outlets—whether big or small—owned or managed by individuals Ijaw from the Ijaw extraction.

Despite the many challenges faced by the Ijaw people, particularly due to the complex terrain they inhabit, their voices were largely absent from national conversations.

But today, that narrative has changed—thanks in part to the rise of online media. Now, there are numerous media outlets owned and managed by Ijaw sons and daughters, both in digital and print formats.

These platforms—each with its own mission and vision—nonetheless share a common thread: they give a voice to the people of the creeks, from whose experiences they often draw inspiration.

Some notable Ijaw-owned indigenous media platforms include:
GbaramatuVoice, Ijaw Voice, Ijaw Heritage TV, Arogbe Ibe Reporters, Iduwini Voice, Ogulagha Vanguards, and Egbema Voice.

In addition, several media outlets with broader or foreign-sounding names are also run by Ijaw professionals, including:
Info Daily, The Liberator, Coastal Times, Penglobal, Focal Point Reports, Dailynews Report, Waffi TV, Niger Delta Mirror, Niger Delta Herald, Daily Watch, and Mangrovepen.

Congress Newspaper/TV, though relatively new, has firmly established itself among these platforms as a consistent voice advocating for the Ijaw cause and broader Niger Delta interests.

Some may argue that media organizations should be neutral and unbiased. While this principle remains fundamental to ethical journalism, one cannot ignore the impact of ownership. Around the world, media ownership often shapes editorial direction, intentionally or not.

During his welcome address at the fourth anniversary celebration, Comrade Ozobo reiterated the newspaper’s founding vision: to provide not just information, but empowerment for Niger Delta communities.

“Our mission has always been to champion the voices that often go unheard and to shine a light on the issues that matter most to our people,” he said.

“We believe in the power of ethical journalism, and we remain committed to being a steadfast voice for justice, equity, and truth.”

Ozobo’s words speak to a broader truth: in media, ownership matters. And when that ownership is rooted in community-driven passion and purpose—as it is with Congress Newspaper—it becomes a powerful vehicle for social change.

As Congress Newspaper marks its fourth year, it stands not just as a media outlet, but as a movement—one that continues to reshape the media landscape in the Ijaw nation and beyond.

Joseph Ebi Kanjo is a practising journalist and Managing Editor of INFO DAILY.
editor@infodailyng.com

News

Supreme Court: Jubilant Supporters Stunned, Locked Out Of Edo Govt House [PHOTOS]

Published

12 hours ago

July 11, 2025

Editor

Jubilant supporters of Governor Monday Okpebholo Edo State, were on Friday disappointed as they were locked out from the Edo State Government House, Benin City.

The order not to allow anyone to access the government house was reportedly from an order from above.

The supporters, which included market women and members of the All Progressives Congress (APC), had gathered at the Benin Airport about 7am, to give the governor a rousing welcome.

The gathering followed Okpebholo’s triumph at the 2024 governorship election legal dispute at the Supreme Court in the nation’s capital, Abuja.

Okpebholo, whose aircraft touched down at the Benin Airport at about 12.40pm was welcomed by the supporters amid jubilation.

The supporters, many of whom were not mobile, proceeded on foot in a road procession with governor Okpebholo’s motorcades- chanting solidarity songs.

The procession, which lasted for about an hour, terminated at the Edo State Government House where the supporters were informed by security operatives that only Very Important Personalities (VIPs) would be allowed into the government house for refreshments.

The bewildered supporters took turns to lament the development, with many raining insults on the authorities.

One of the supporters who identified herself as Mrs. Ebosele Omogiate said: “In the worst moments of ex-governor Godwin Obaseki, supporters and members were not shabbily treated like this.

“They have won now and have decided to build a wall around themselves,” she added.

“I left my house before 7am for the airport and stood under the sun for hours before the arrival of the governor.

“We engaged on a road show with him to the government house, only for us to be shut out. This treatment melted on us is unfair,” another supporter added.

Earlier, addressing the crowd, Governor Okpebholo thanked God for his victory at the Supreme Court.

He promised that in the next two years, Edo people will know that they have a governor.

News

OPINION: BAT Rejects Trump’s Amazing Offer

Published

17 hours ago

July 11, 2025

Editor

Tunde Odesola

The presidential convoy spread out on the Third Mainland Bridge like a cloud of bats on seasonal migration. Sirens screamed. Lights flashed. The convoy of vehicles unfolds like the hail of light produced when the welder’s electrode kisses a metal, shraaaah! shraaaah! E plenty like iná wédà to fóká síbè.

As an insect enthusiast with particular love for beekeeping (cockroaches and bedbugs not included, please), I know that bees, ants and wasps have no kings, but queens, who guard-bees protect with their lives. However, termites have kings and queens, both of whom soldier termites protect with their last blood.

Be they bees, ants, wasps or termites, I love watching the life of cooperation, protection, order and hard work among insects. I love their guards’ provision of security for all and sundry, unlike the guards in this presidential convoy, whose only duty is the protection of the President, his family and bootlickers.

Measuring 11.8 kilometres, the Third Mainland Bridge, a massive masterpiece of concrete and steel work stretching over the Lagos Lagoon, was started in 1975 by the General Yakubu Gowon military administration, and continued by General Murtala Mohammed’s six-month government, before President Shehu Shagari stepped into the picture and did his bit. However, it was General Ibrahim Babangida who took credit for the bridge construction because he ensured its completion in 1990.

If the charismatic Babangida didn’t annul the June 12, 1993 presidential election won by Chief MKO Abiola, he almost certainly would have been preferred by Nigerians to shed his military khaki for the agbada of politics, instead of the less gifted and dour General Muhammadu Buhari, who later got the presidency on fake promises.

Regrettably, Babangida apparently lost political goodwill, honour, peace of mind and two terms of civilian presidency to the June 12 annulment. Little did Nigerians know that the official name of the Third Mainland Bridge is Ibrahim Babangida Bridge, but nobody remembers that; people only remember the abortion of June 12. The things men do, live with them.

It was on this Ibrahim Babangida Bridge that the presidential convoy set out en route to the airport. Jesu! Not even the president of the richest and most powerful nation on earth, Donald Trump, has such a long motorcade. From my vantage point, I counted the number of vehicles in the convoy. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 20, 30, 40…Ha! Kilode? Is the president japaing? Probably to make counting difficult, the outriders zigzagged and crisscrossed. So, I stopped at 40-something.

But in the middle of the armoured pack, I saw three Rolls-Royce Phantoms, three Cadillac Escalades, three Mercedes-Benzes, three Cybertrucks and three state-of-the-art buses. None of the cars in the convoy was assembled in Nigeria, despite the government’s avowed propaganda about patronising Made-in-Nigeria goods; not even the wash towels used for cleaning the vehicles were made in Nigeria, nor the foot mats.

MORE FROM THE AUTHOR: OPINION: The Owner Of Èkó And His Dogs

Everywhere was on lockdown: air, land and sea – forcing the sun to hide behind the clouds, and birds vacated the air while the poor man’s movement was put on hold by those he voted for. Only the convoy moved. I yawned inside a Lagos BRT vehicle, wondering why the big men’s movement should stop the movement of citizens on the opposite side of the bridge.

This was when the window of one of the three buses opened, and I glimpsed Nigeria’s most recognisable cap, with its trademark chain symbol, the chain of oppression.

“Haa! Bàba Bàbá ni o! Olowo Eko ni ooo!” a youngster hawking alcoholic drinks and bottled water in traffic shrieked. “It’s the BAT, King BAT, the Lord of Lagos!” a hawker of plantain chips screamed, jumping, “I saw him! I saw him! Baba smiled and waved at me! Baba waved at me! The Asiwaju of the Universe waved at me!” A cripple, who begs in traffic, hissed and shook his head, “Una dey praise those who chain una? Ok o, make una kontiniu, una never see anything.”

The heat in the BRT was stifling, and sweat poured from skin pores. Thoughts of Nigeria flooded my mind. Since I was born and now that I am getting old, I have never seen Nigeria changeth (for good).

Inside the armoured bus, seated at the feet of the Lord of Lagos were members of his innermost circle – Noisome Winke, IdanFemi Gbabiamila, Baba Chief AdeBC, Jide-Olu, and Natasha coveter, Chief Dogswill Akpabi.

In the fleeting moment when the Lord of Lagos let down his window, I saw his gaze travel beyond the hailing roadside traders, resting on the 13-storey Senate Building of the University of Lagos, across the lagoon. I saw desire lit up in his eyes. “My name will suit the university more than its current name. What is UNILAG? Why not UNIBAT?

Winke, the ultimate bootlicker and mind reader, will not miss the opportunity to massage the ego of the Lord of Lagos. Though he cleared his throat, the frog in it would not keep silent. “Jide-Olu, don’t you think you should name UNILAG and this world’s best bridge after our personal Lord and Saviour?” Jide-Olu smiled, “No, Winke. UNILAG and the Third Mainland Bridge do not belong to the state. They belong to the centre, which is headed by our Lord and Saviour.”

Sounding more like a masquerader battling stomach upset during a market show, Winke said, “Uhmm, it doesn’t matter, you can start the call from your end – that our leader deserves the university to be renamed after him. Or does he not?” Jide-Olu, “Why not, if not? In fact, I suggest we should call on the National Assembly to name all federal universities and polytechnics after our leader. That way, the nation will save money.”

MORE FROM THE AUTHOR: OPINION: Fufeyin The Compound Food

Lord of Lagos: What do you think about these suggestions, Natasha, oh sorry, I mean, Akpabi?

Akpabi: (Smiles like a child eating ice cream, his special Ibibio accent booming loud and clear) Ha, you are our òká o. And, as our òká, iris not too much if we name Nigeria after you, I swear. Nigerians cannot reyect it. On Monday, the yoint session will rook at how we are going to do it, so that the opposition and Nigeria Rabour Congress will not begin their wahala.”

Lord of Lagos: Baba AdeBC, what do you think?

Baba AdeBC: Well, it’s not a bad idea for Nigeria to show gratefulness to her messiah and defender. I think it’s a good idea. (Baba AdeBC beams his trademark smile, which is as lifeless as the beach foam left behind on the shore by the roaring ocean)

Idanfemi: Your Excellency, you have a phone call from the US President, sir.

Lord of Lagos: Oh, connect me, Idanfemi.

Trump: How’re you doing, BAT?

Lord of Lagos: I’m doing great, Donald. Thank you. How’re you and your wonderful family?

Trump: We’re fine, and thanks for asking. Hey BAT, can I pick your brain real quick?

Lord of Lagos: Ha! No oooo; leave my brain alone o. Please, don’t pick it. My brain is old already. Ma se erekere iwo arakunrin yi. When you know you need Nigerian brains, why did you restrict your visa to three-month single entry? If you want millions of Nigerian brains, you open your borders for 24 hours and see.

Trump: No, you’re getting me wrong. I don’t mean to pick your brain literally, I mean to ask for your knowledge and advice on some issues.

Lord of Lagos: Oh, I see. Fear don catch me. I don’t want anything to touch this my political brain o.

Trump: Exactly what I’m saying! That your political brain is what I want to pick. I just saw your convoy on CNN! How do you afford such a large convoy and retinue of sycophants?

Lord of Lagos: That’s not for me to worry. The state takes care of that.

Trump: OMG! You mean the state bears the brunt of all that drain on taxpayers’ money? Are you kidding me!? I think it’s better to be president of your shithole than be president of America, seriously.

Lord of Lagos: You have come with this shithole thing again, Donald? You’re not serious.

Trump: Can you believe that as president, I pay for the food my family and I eat, I pay for drinks and clothes. I pay for private parties when I host them, I pay for gifts when I buy them for foreign dignitaries, I cover my vacation accommodations, and I pay for private events hosted outside the White House. Additionally, I pay for general household items like toilet paper, toothpaste, and garbage bags. Do you know that Bill Clinton incurred $16 million in debt for legal and personal investigation fees, which he paid over time?

Lord of Lagos: (Bursts into laughter) And you say you’re prezdent? Hahahahah! You’re prezdent indeed. Hahahaha! Yes, you’re the most powerful prezdent on earth, but are you the most indulged? Certainly, no! You’re just an administrative paper prezdent, I’m the ultimate ruler.

Trump: I wish we could trade places.

Lord of Lagos: Ha, trade places ke? No ooo! Let me be prezdent of this shithole, you continue to be prezdent of your superpower country. Stay with your democracy. I’ll stay with my empire. I don’t want to be Prezdent of America. I don’t wan die in prison, please.

Email: tundeodes2003@yahoo.com

Facebook: @Tunde Odesola

X: @Tunde_Odesolap