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FULL TEXT: Tinubu’s speech at 2025 budget presentation to joint National Assembly

Published

1 year ago

December 18, 2024

Trends Admin

President Bola Ahmed Tinubu's 2025 Budget of Restoration

FULL TEXT: Tinubu’s speech at 2025 budget presentation to joint National Assembly

Presentation by His Excellency, President Bola Ahmed Tinubu, GCFR of the 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity to a joint session of the National Assembly on Wednesday 18th December, 2024.

PROTOCOLS:

— The Vice President, Senator Kashim Shettima

— Senate President, Distinguished Senator Godswill Akpabio

— Right Honourable Speaker, Tajudeen Abbas

— National Chairman of our great party, Excellency, Abdullahi Umar Ganduje

— State Governors here present

— Distinguished Leaders and Members of the National Assembly

— Senior Government Officials here present

— Gentlemen of the press.

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 11th 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.

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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.

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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.

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).

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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.

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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.

Thank you.

Bola Ahmed Tinubu, GCFR

President, Commander-in-Chief of The Armed Forces, Federal Republic of Nigeria.

FULL TEXT: Tinubu’s speech at 2025 budget presentation to joint National Assembly

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Nigerian Army Neutralises 65 Bandits in Major Zamfara Offensive

Published

8 hours ago

April 6, 2026

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Nigerian Army Neutralises 65 Bandits in Major Zamfara Offensive

The Nigerian Army has announced the killing of no fewer than 65 armed bandits during a major military operation in Zamfara State, as security forces intensify efforts to curb persistent violence in the country’s troubled northwest.

According to military authorities, the operation targeted several bandit enclaves in remote parts of the state, long considered safe havens for criminal groups responsible for kidnappings, cattle rustling, and deadly attacks on rural communities. The offensive, carried out by ground troops with support from aerial surveillance, was described as one of the most decisive strikes against bandit networks in recent months.

A statement from the Army indicated that the troops engaged the criminals in a fierce gun battle, overpowering them and inflicting heavy casualties. The military said the operation forms part of ongoing coordinated campaigns aimed at dismantling bandit strongholds and restoring peace to affected areas.

Security analysts say the northwest region of Nigeria has, in recent years, witnessed a surge in armed violence driven by loosely organised criminal gangs commonly referred to as bandits. Unlike insurgent groups with ideological motives, these gangs are primarily motivated by profit, often targeting villages, schools, and highways for ransom operations.

Residents in parts of Zamfara State have repeatedly borne the brunt of such attacks, with many communities displaced and livelihoods disrupted. The latest military success is expected to bring some relief, although concerns remain about the ability of security forces to sustain long-term stability in the region.

The Nigerian military has in recent months stepped up offensives across the northwest, combining intelligence-led operations with aerial bombardments of suspected hideouts. Officials maintain that these efforts are yielding positive results, pointing to increased neutralisation of criminal elements and the rescue of kidnapped victims in separate operations.

However, experts caution that while military action is crucial, a lasting solution will require a broader approach, including improved policing, community engagement, and addressing underlying socio-economic challenges that fuel insecurity.

The Army reaffirmed its commitment to continuing operations until all criminal groups are dismantled, urging residents to support security agencies with timely and credible information.

Nigerian Army Neutralises 65 Bandits in Major Zamfara Offensive

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Oyebamiji Offers Scholarships to Children of Osogbo Rainstorm Victim

Published

9 hours ago

April 6, 2026

Trends Admin

Oyebamiji Offers Scholarships to Children of Osogbo Rainstorm Victim

Osogbo, Osun State — The governorship candidate of the All Progressives Congress (APC) in Osun State, Munirudeen Bola Oyebamiji, has announced full educational scholarships up to university level for the four children of a woman who died during a recent rainstorm in Osogbo.

Oyebamiji, popularly known as AMBO, made the declaration on Sunday during a condolence visit to the family of the late Jemilat Ganiyu, who lost her life in the devastating storm that struck the Osun State capital last week.

The APC candidate also directed the immediate opening of a special bank account for the children, through which he pledged to provide consistent financial support for their education from primary school through tertiary level.

The beneficiaries include Tijani Faruk, a Junior Secondary School 2 student; Tijani Mariam, a Senior Secondary School 2 student; Tijani Fatimah, currently in SS3; and Tijani Haliah, a Primary 6 pupil.

Speaking during the visit, Oyebamiji expressed sadness over the tragic incident, noting that death remains an inevitable end for all mortals. He extended his condolences to the bereaved family, particularly the parents of the deceased, and prayed for strength to bear the loss.

In addition to the condolence visit, Oyebamiji also visited victims of the rainstorm receiving treatment at the Osun State University Teaching Hospital. He offered prayers for their quick recovery and made financial donations to support their treatment.

He further instructed his aides to document the details of a critically ill patient whose parents sought his assistance during the hospital visit.

Members of the deceased’s family commended Oyebamiji for his gesture, offering prayers for his success in the forthcoming governorship election.

The APC candidate was accompanied by several party leaders and associates, including former and serving public office holders, during the visits.

Oyebamiji Offers Scholarships to Children of Osogbo Rainstorm Victim

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Bandits Kill Two Abducted Women in Kaduna After Ransom Payment

Published

11 hours ago

April 6, 2026

Trends Admin

Bandits Kill Two Abducted Women in Kaduna After Ransom Payment

Armed bandits have killed two women among 14 people abducted from Janjala community in Kagarko Local Government Area of Kaduna State, in a development that has sparked outrage and renewed concerns over insecurity in the region.

The victims were part of a group kidnapped during a March 1, 2026 attack on the community, which included a vigilante member, his wife, and 12 other residents. The incident is the latest in a string of violent kidnappings affecting rural communities across northern Nigeria.

According to local sources, the kidnappers initially demanded a ₦14 million ransom, which families struggled to raise amid economic hardship. After weeks of appeals and negotiations, relatives were able to gather ₦13 million, which was delivered to the abductors at a location near the Hayin Dam forest in neighbouring Kaduna State’s Kachia Local Government Area.

Following the payment, the bandits released the female captives but held back the male victims, insisting that the remaining ₦1 million balance and additional food supplies must be provided before their release.

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However, shortly after the ransom exchange, the kidnappers reportedly disclosed that two of the women had already been killed while in captivity. Community and security sources confirmed the deaths, describing the incident as deeply disturbing.

According to multiple accounts, the victims were allegedly shot after resisting attempts by some of the bandits to sexually assault them. The act has drawn condemnation from residents, who say such brutality reflects the growing desperation and lawlessness among criminal groups operating in the region.

A community leader confirmed the development, saying families were informed of the killings after the ransom had been delivered. A security source also corroborated the incident but declined to provide further operational details.

As of the time of filing this report, efforts to reach the Kaduna State Police Command spokesperson, DSP Hassan Mansur, were unsuccessful, and no official statement had been issued regarding the killings or ongoing rescue efforts.

The incident underscores the worsening security situation in parts of northern Nigeria, where bandit groups frequently carry out kidnappings for ransom, targeting vulnerable rural communities. Despite ongoing military operations, attacks continue to disrupt livelihoods, heighten fear, and place financial strain on affected families.

Security analysts warn that the persistence of such attacks highlights gaps in intelligence, response coordination, and community protection. They have called for intensified operations, improved surveillance of forest enclaves, and stronger support systems for victims.

Residents of Janjala and surrounding communities have also urged authorities to take decisive action to secure the area and ensure the safe release of the remaining captives.