President Bola Ahmed Tinubu has assured Nigerians of a brighter future as the country begins to see the impact of ongoing economic reforms.
Speaking on Wednesday, December 18, 2024, while presenting the N49.7 trillion 2025 Appropriation Bill to a joint session of the National Assembly, the President said his administration remains committed to securing peace, rebuilding prosperity, and improving livelihoods through the “Budget of Restoration.”
In a statement made available by Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Tinubu explained that the proposed budget, which represents a 35 percent increase from the N28 trillion 2024 budget, prioritizes education, healthcare, security, and infrastructure as part of the Renewed Hope Agenda. He attributed the successes recorded so far to the resilience, patience, and tolerance of Nigerians, emphasizing the need to stay the course as the reforms continue to yield results.
“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 the core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for more outstanding performance,” Tinubu said.
Reflecting on the journey of reforms, the President acknowledged the challenges but stressed their necessity for national growth. “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 we chose but one we had to embark on for Nigeria to have a real chance at greatness. 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,” he said.
Tinubu highlighted economic progress, noting that the GDP grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the same period in 2023. He disclosed that the country’s foreign reserves now stand at $42 billion, providing a robust buffer against external shocks, while trade surplus has risen to ₦5.8 trillion. “Our economy is responding positively to stimulus. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy,” the President assured.
He lauded the achievements of the 2024 budget, which recorded ₦14.55 trillion in revenue by the third quarter, representing 75 percent of the year’s target, and expenditures of ₦21.60 trillion, or 85 percent of the target. For 2025, the budget targets ₦34.82 trillion in revenue and projects government expenditure at ₦47.90 trillion, with allocations of ₦4.91 trillion for defence and security, ₦4.06 trillion for infrastructure, ₦3.52 trillion for education, and ₦2.48 trillion for health.
“Our administration has disbursed ₦34 billion to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have provided ₦826.90 billion 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,” Tinubu said.
He outlined ambitious goals for 2025, including reducing inflation from 34.6 percent to 15 percent, improving the naira-dollar exchange rate to ₦1,500 per US dollar, and achieving crude oil production of 2.06 million barrels per day. Tinubu expressed optimism about increasing exports, reducing reliance on food imports, attracting foreign investments, and achieving substantial reductions in upstream oil and gas production costs.
The President commended Nigerians for their resilience and called for continued unity and perseverance. “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,” he said.
Senate President Godswill Akpabio praised President Tinubu for his bold reforms and described him as a “national treasure.” Akpabio assured the President of the lawmakers’ support, adding that the implementation of the 2024 budget would continue until June 2025. Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, also commended the administration’s tax reforms, stating that they would ensure equitable revenue collection and alleviate poverty.
President Tinubu expressed confidence in the nation’s trajectory and reaffirmed his commitment to securing a better future for Nigerians. “This is an ambitious but necessary budget to secure our future,” he said.
