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PRESIDENT BOLA AHMED TINUBU TEXT OF THE 2025 BUDGET

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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.
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.
o Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
o Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
o 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:
o 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.
o 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:
o Restore macroeconomic stability.
o Enhance the business environment.
o Foster inclusive growth, employment, and poverty reduction.
o 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.
o In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
o Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
o 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:
o Reduced importation of petroleum products alongside increased export of finished petroleum products.
o Bumper harvests, driven by enhanced security, reducing reliance on food imports.
o Increased foreign exchange inflows through Foreign Portfolio Investments.
o 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:
o 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.
o 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

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ASUU Shuts Down Lagos State Universities, Declares Indefinite Strike

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The Academic Staff Union of Universities (ASUU) has declared a total and indefinite strike across Lagos State-owned universities, citing the failure of the state government to implement key provisions of its 2025 agreement with the Federal Government.

The strike affects Lagos State University (LASU), Lagos State University of Education (LASUED), and Lagos State University of Science and Technology (LASUSTECH) and takes effect immediately.

ASUU’s Joint Campus Group covering the three institutions announced the industrial action in a statement on Tuesday, following the expiration of a 14-day ultimatum issued to the Lagos State Government on August 31.

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According to the union, the ultimatum expired without a satisfactory resolution or a concrete commitment from the government to address its demands.

The union said its final warning on September 10 had made it clear that “silence is no longer an option,” but the government failed to initiate meaningful discussions before the September 13 deadline.

“ASUU Joint Campus Group comprising ASUU-LASU, ASUU-LASUED, and ASUU-LASUSTECH hereby declares a total, comprehensive, and indefinite strike action effective immediately,” the union said.

Why ASUU Is Striking

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At the centre of the dispute is ASUU’s demand for the full domestication and implementation of the December 2025 agreement between the union and the Federal Government in all Lagos State-owned universities.

The union specifically demanded the implementation of provisions covering the Consolidated Academic Tools Allowance (CATA) as well as welfare protections for serving and retired academic staff.

ASUU said it arrived at the decision “with a heavy heart,” acknowledging that the strike could disrupt the academic calendar and affect students, parents and university administrators.

Addressing students, the union said the action was ultimately aimed at protecting the quality and sustainability of higher education in the state.

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“This fight is fundamentally about preserving the quality and sustainability of your education,” it said, arguing that a demoralised academic workforce could not deliver the standard of education students deserved.

The union urged students to remain calm, peaceful and law-abiding while efforts continued to secure what it described as a lasting resolution.

It also acknowledged the concerns of parents and guardians over possible delays to their children’s education, saying its patience had “been tested and toyed with over the last eight months.”

Strike Not Against University Management

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ASUU said the industrial action was not directed at the management of the three universities.

“This decision is by no means an adversarial action against your office,” the union said, urging the university administrations to understand the action as an effort to secure better working conditions for academic staff.

It commended the managements of LASU, LASUED and LASUSTECH for their efforts towards domesticating the agreement.

The union, however, accused the Lagos State Government of continued inaction and failure to implement agreements that it said had already been adopted by some neighbouring states.

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National ASUU Backs Action

ASUU said the strike had the backing of its national leadership, which it said had supported the process from the initial correspondence to the university authorities, governing councils and the Visitor, through to the issuance of the 14-day ultimatum.

The union urged the Lagos State Government to follow the example of other state governors who had intervened to resolve similar disputes in their universities.

It also called on traditional rulers, religious leaders, alumni associations, civil society groups and other stakeholders to support its campaign for what it described as the rescue of education in Lagos State.

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The strike, ASUU said, would remain in force until meaningful negotiations produce a satisfactory resolution and the Lagos State Government signs, domesticates and fully implemented.

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NDLEA Arrests Mexican Drug Kingpin, Uncovers Fresh Meth Lab in Ebonyi

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ABUJA — The National Drug Law Enforcement Agency (NDLEA) has arrested a suspected Mexican drug kingpin attempting to flee Nigeria through the Lagos airport and dismantled an industrial-scale methamphetamine laboratory in Ebonyi State.

The development, according to the agency, is part of an expanding investigation into a transnational drug network allegedly recruiting foreign methamphetamine experts and establishing clandestine laboratories in Nigeria’s forests and rural communities.

NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Marwa (retd.), said the latest operation demonstrated the agency’s determination to prevent Nigeria from becoming a hub for international drug cartels.

Marwa, who spoke through the Director of Media and Advocacy, Femi Babafemi, at a media briefing in Lagos on Tuesday, said the breakthrough followed months of intelligence gathering and forensic investigations into a network linked to several clandestine laboratories uncovered in Ogun, Oyo and Ebonyi states.

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He recalled that NDLEA operatives on May 16, 2026, arrested three Mexican nationals and seven Nigerian collaborators at a forest hideout in Ogun State.

A month later, on June 17, the agency arrested another Mexican national and four Nigerian collaborators at a clandestine methamphetamine laboratory concealed in a forested area of Tapa village, Ibarapa North Local Government Area of Oyo State.

Large quantities of methamphetamine and precursor chemicals were reportedly recovered from the Oyo laboratory.

According to Marwa, investigations by the agency’s Special Operations Unit revealed that the 56-year-old Mexican methamphetamine expert arrested in Oyo had been recruited into Nigeria by a Mexican drug kingpin.

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Working with international partners, investigators obtained a photograph of the suspected kingpin, which the arrested Mexican national reportedly identified as the man who recruited and transported him to Nigeria.

The suspect was subsequently identified as Arturo Carrera Loaiza, who, according to the agency, entered Nigeria on June 10 alongside another Mexican national.

NDLEA operatives eventually tracked and arrested Carrera Loaiza on August 19 while he was allegedly attempting to leave the country through the Lagos airport.

During interrogation, the suspect reportedly claimed that he had been invited to Nigeria by a Nigerian contact identified only as “Henry” under the guise of a restaurant business venture. He also denied knowledge of methamphetamine production or involvement with the Tapa village laboratory.

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However, investigators said they recovered photographs showing Carrera Loaiza wearing a blue laboratory coat and standing among equipment consistent with methamphetamine production.

Analysis of location metadata embedded in the photographs allegedly led investigators to a property under construction at Isiata Ugoni Okposi in Ebonyi State.

On August 30, NDLEA operatives raided the property, which was linked to John Samuel Ivo Okike.

Interviews with people found at the site, including the site engineer and a caretaker, reportedly revealed the presence of a suspicious temporary structure over a septic tank area behind the building, as well as persistent strong chemical odours.

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Investigators also recovered a CCTV memory card from the property.

According to NDLEA, forensic examination of the footage showed a foreign national wearing a blue laboratory coat who matched Carrera Loaiza, as well as repeated appearances by Okike.

The footage allegedly captured the movement of chemicals and laboratory equipment from the property at about 9 p.m. on August 21, with Okike reportedly directing the operation alongside other individuals.

Acting on further intelligence, NDLEA operatives traced the relocated materials to an isolated house in a neighbouring community allegedly under the custody of Nwanja Obasi.

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A subsequent raid led to the recovery of a large cache of chemicals, equipment and paraphernalia associated with methamphetamin

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Watch out as FCT minister Nyesom Wike appears on Arise tv today as special guest

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The minister of the Federal Capital Territory FCT will tonight by 8pm appear on Arise tv as special guest.

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