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BREAKING: President Tinubu Presents N47.9trn Appropriation Bill To NASS

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…improvement witnessed in 2024 led us to 2025 budget – Tinubu
…say “Time for lamentation is over”
By Gloria Ikibah
President Bola Ahmed Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 18 December 2024, presented the sum of N47.9 trillion as the proposed 2025 Appropriation Bill, with new borrowings of N13.0 trillion, which is 3.87 per cent of the estimated Gross Domestic Product (GDP).
The President, in his address to the National Assembly described the 2025 Budget as the “Budget of Restoration” which he said, reinforces the administration’s roadmap to secure peace, prosperity, and hope for a greater future for Nigeria.
“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 budget of restoration according to president Tinubu, serves as the very hope of the Renewed Hope Agenda and improving the lives of Nigerians.
He said the 2025 budget is one of the reform and transformation to consolidate the key policies of the Tinubu-led administration. Reeling out the progress made he said global economic growth for Nigeria increased from the 2.6% estimated to 3.5% growth.
Naijablitznews.com recalled that the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), and its fiscal parameters, adopted an “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent.”
President Tinubu said the 2025 budge seeks to restore micro economic stability, foster increased growth, employment, human capital development.
He said: “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”.
The President said the reforms instituted are beginning to yield results and Nigerians will soon experience a better and more functional economy.
According to him, 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.
“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.
Tinubu informed that his 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 President added.
Hw explained that the budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.
The 2025 Budget President said 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.
“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 the President said are based on reduced importation of petroleum products alongside increased export of finished petroleum products; bumper harvests, driven by enhanced security, reducing reliance on food imports; ncreased 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.
Tinubu said the budgetary allocations are informed by the commitment of his administration to security of lives and property, infrastructural development, education and healthcare delivery.
“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
• Education: N3.52 trillion
He solicited the support of the lawmakers and Nigerians in addressing the country’s challenges
He stated: “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.
“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”.

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ALERT! Terrorists planning attacks on worship centres, schools, NYSC camps – Police issue alert

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The Nigerian Police Force High Command has placed formations nationwide on red alert over alleged planned terror attacks on worship centres, schools, National Youth Service Corps, NYSC, orientation camps and other public places across the country.

According to Premium Times, the police also revealed that intelligence had shown the movement of armed elements from Katsina through Kaduna towards Plateau State.

The development followed fresh intelligence indicating increased mobilisation of terrorist elements for possible coordinated attacks on places of worship, learning institutions, NYSC orientation camps and other vulnerable targets across the country.

The findings showed that following the intelligence report, the high command has issued an operational order to its formations nationwide on the need to put the criminal elements in check before they will strike.

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Gov. Soludo reveals Obi, Obiano accumulated debts still hanging on Anambra

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The Anambra State Government has said it is still servicing loans inherited from the administrations of former governors Peter Obi and Willie Obiano, even as it maintains that Governor Chukwuma Soludo has not borrowed from any commercial bank since assuming office.

The Commissioner for Finance, Izuchukwu Okafor, said the state’s debt burden had fallen by more than 83 per cent under Soludo, with the administration also clearing several inherited domestic obligations.

Okafor disclosed this during a Ndi Anambra podcast uploaded by Anambra State New Media on Monday while explaining the state’s finances and debt position.

He said repayments on loans secured by previous administrations continued to be deducted from Anambra’s allocation through the Federation Account Allocation Committee, including obligations dating back to the Obi and Obiano administrations.

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“Yes, every month during our FAC meetings, and when you see the schedule of FAC, you will notice there were substantial, significant deductions from our own FAC because of loans previously borrowed by previous administrations,” Okafor said.

“These loans were borrowed, you know, during the time of, even, not the immediate predecessor, even during the time of Peter Obi and Willie Obiano, His Excellency, the past governors,” he said.

According to the commissioner, the Soludo administration had focused on managing the inherited obligations while avoiding new commercial borrowing.

“It’s on record, you know, that this administration has not borrowed a kobo from any commercial bank since the inception of this administration,” he said.

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Okafor said the government had also settled a number of legacy liabilities, including unpaid contracts, gratuity and pension arrears, bringing the state’s domestic debt close to zero.

“But I will give you an example for our domestic debt, the control, the legacy, what we call legacy debts, you know, the contracts that were not paid, not owing, the gratuity arrears, pension arrears, we’ve been able to clear all that,” he said.

He added, “In terms of, so, our domestic debt as of today is near-zero balance.”

The commissioner attributed the reduction in the overall debt burden to repayments made by the administration, saying several inherited loans had already been settled.

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“But I will also say that Mr Governor has not borrowed a penny. We have been able to manage the debt, the state debt, very well, that we have brought it down by more than 83 per cent as of today. I’ve been able to repay back most of these loans,” he said.

External obligations, however, remain part of the state’s financial commitments. Okafor explained that repayments on some foreign-denominated loans are deducted from the state’s federal allocation under the terms attached to the facilities.

“But following as well, external debts, which is foreign loan-denominated debts, when you look at it, because there are some covenants around the period it will take to pay off these loans, particularly deducted as such when we are doing FAC,” he said.

“Before they limit Anambra’s own allocation, they will deduct it as such, because most of them, World Bank loans and other loans, they committed.”

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Okafor also disclosed that the state had recently fully repaid one of its debts.

“There is one debt that we recently paid off, CAGS,” he said.

He said the reduction in inherited liabilities had given the government more room to finance other priorities.

“So, in a nutshell, I’ve been able to, you know, create more fiscal space for Anambra State,” Okafor said.

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He added, “This administration has been able to create more by paying off, you know, backlog of numerous debts inherited from previous governments, starting from the time of Peter Obi.”

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Sad: Nine passengers killed as gunmen open fire on bus in Plateau

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No fewer than nine passengers were killed when gunmen opened fire on a commercial bus at Dungus Junction in Kuru community, Jos South Local Government Area of Plateau State.

Residents told journalists that the incident occurred when the bus driver parked to allow some passengers alight at the junction.

According to Daily Trust the bus which was heading to Jos was stained with blood and riddled with bullets.

Lawan Suleiman, a neighbor and teacher of one of the victims, confirmed the incident, adding that the attack occurred while the bus was stopped at the junction.

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He said, “The driver is Ibrahim and he was my student. Three of them are from our community here in Bukuru. Their bodies have been deposited at the hospital. But relatives are preparing to collect them for burial.”

Spokesman of the Berom Youth Moulders, BYM, Rwang Tengwong, also confirmed the incident saying the victims were passengers travelling to Jos when the attackers opened fire on their vehicle.

“The incident happened around 9.40p.m. The victims were all passengers travelling to Jos when the terrorists opened fire on the vehicle. Among those killed was a member of Operation Rainbow. It is a very sad development and we lament the loss of lives.”

According to him, some of the passengers sustained gunshot wounds and were rushed to hospitals, where some later died.

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Plateau state police command is yet to issue a statement regarding the incident as of press. (Daily Trust)

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