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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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Akpabio sad over demise of Dotun Oladipo, says he was a courageous journalist

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The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.

Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.

The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.

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“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.

“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.

“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.

“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.

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The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.

Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.

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SGF sets up presidential security committee, demands professionalism, urgency

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The Secretary to the Government of the Federation (SGF) on Wednesday inaugurated the Presidential Committee on the National Threat Assessment and Five-Year Strategic Defence Operations Plan, charging members to approach the assignment with the highest degree of professionalism, objectivity, urgency and patriotism.

The committee, established by President Bola Ahmed Tinubu, has 90 days to produce a comprehensive National Threat Assessment and a rolling Five-Year Strategic Defence Operations Plan for the President’s consideration and approval.

The SGF, who described the assignment as one of considerable national importance, urged members to bring their collective expertise to bear on developing a coherent framework that would strengthen Nigeria’s capacity to anticipate, plan for and respond to current and emerging security threats.

He assured the committee of the full support and cooperation of the Office of the Secretary to the Government of the Federation, adding that it had been authorised to consult or co-opt representatives of other Ministries, Departments and Agencies whose specialised knowledge might be required.

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According to a statement issued by his Special Adviser on Media and Publicity, Yomi Odunuga, Akume said the inauguration marked an important step in strengthening the country’s ability to understand and respond effectively to an increasingly complex and evolving security environment.

He observed that contemporary security threats had become increasingly interconnected and adaptive, with the capacity to exploit gaps between institutions, jurisdictions and operational theatres.

While acknowledging significant successes recorded by the Armed Forces and other security agencies across different theatres in recent months, the SGF said Nigeria must move beyond responding to individual security challenges to building a system capable of anticipating threats, setting priorities, allocating resources rationally and sustaining operational momentum.

Such a system, he said, must also ensure that national security objectives are consistently translated into measurable outcomes.

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The SGF stressed that although heads of defence, intelligence and security agencies must retain the flexibility required to respond to immediate threats, their responses should be anchored on a shared national understanding of the security environment and a coherent short-, medium- and long-term strategy.

He noted that operational requirements were sometimes considered independently without sufficient reference to an agreed national threat assessment, clearly prioritised national objectives or a unified capability plan.

According to him, the situation made coordination more difficult and limited the efficient deployment of scarce resources.

The committee, he explained, is therefore expected to help establish a coherent strategic system in which Nigeria’s threat assessment determines operational objectives, while those objectives, in turn, determine the capabilities required.

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Capability requirements, he added, should inform expenditure, procurement, force development and industrial priorities.

“In simple terms, we must establish a clear path from threat to objective, from objective to capability, from capability to resource, and from resource to measurable outcome”, the SGF said.

He explained that the National Threat Assessment would provide the government with a comprehensive and objective understanding of Nigeria’s security landscape by identifying what threatens the country, why the threats matter, how they are likely to evolve and the consequences of failing to address them.

It would also determine appropriate government responses and provide a common planning basis for the Armed Forces, intelligence services and other relevant security agencies.

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According to him, the assessment should enable the government to distinguish between immediate threats requiring urgent operational responses and emerging threats demanding early investment in intelligence, technology, infrastructure, doctrine, training and other capabilities.

The Five-Year Strategic Defence Operations Plan, on the other hand, would translate the National Threat Assessment into practical and prioritised operational requirements.

The SGF said the plan should establish what must be achieved in each operational theatre and identify the forces, capabilities, equipment, infrastructure, logistics, intelligence, technology and other enablers required to achieve the objectives.

It would also identify existing capability gaps and establish priorities based on the severity and urgency of identified threats, as well as provide a realistic implementation timetable specifying what is required, when it is required, why it is required, who is responsible for delivering it and how progress will be measured.

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The five-year timeframe, he said, would provide the medium-term horizon required for force development, capability acquisition, infrastructure development, training, maintenance, research and development and the strengthening of Nigeria’s defence industrial base.

The plan would, however, operate on a rolling basis and be reviewed annually to accommodate emerging threats, changing operational realities, technological developments and lessons from ongoing operations.

Under its Terms of Reference, the committee is to review the principal existing and emerging security threats facing Nigeria and assess their relative urgency and strategic implications.

It is also mandated to define operational priorities and identify capabilities required in each theatre; determine capability gaps and equipment, logistics, infrastructure, technology, personnel and support requirements; and establish procurement priorities based on assessed threats and operational requirements rather than institutional preferences.

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The committee will also establish implementation steps and realistic timelines for each priority, including measures for monitoring progress and assessing outcomes, as well as make other recommendations necessary for the formulation and effective implementation of the Strategic Defence Operations Plan.

The SGF said the nation’s military and security personnel, who continue to demonstrate courage and commitment in defending the country, deserve a strategic framework that clearly defines their objectives and provides the capabilities, resources and support required to accomplish them.

He thereafter formally inaugurated the committee on behalf of President Tinubu, wishing members wisdom, diligence, and successful deliberations in discharging the national assignment. Government

The committee, which will be coordinated and supported by the Office of the Special Adviser to the President on Homeland Security, Major General Adeyinka Famadewa (rtd), has as members the National Security Adviser, Nuhu Ribadu; Minister of Defence, General Christopher Musa (rtd); Minister of State for Defence, Bello Muhammad Matawalle; and Chief of Defence Staff, General Olufemi Oluyede.

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Others are the Chief of Army Staff, Lt.-General Waidi Shaibu; Chief of Air Staff, Air Marshal Sunday Kelvin Aneke; Chief of Naval Staff, Vice Admiral Idi Abbas; Inspector-General of Police, Olatunji Rilwan Disu; Director-General of the Department of State Services, Tosin Ajayi; and Director-General of the National Intelligence Agency, Ambassador Muhammed Muhammed.

In his closing remarks, Famadewa expressed appreciation to President Tinubu for the confidence reposed in members and the opportunity given to them to contribute to the security and well-being of the country. Government

He urged members to work collectively and in synergy towards strengthening Nigeria’s security architecture, stressing that the assignment must be approached as a shared national responsibility.

Famadewa said his role would not be to command members of the committee but to facilitate collaboration and harness their collective expertise towards achieving the objectives set by the President.

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He also said subcommittees would be established to facilitate the work, allow members to concentrate on specialised areas, and ensure the committee completes the assignment within the stipulated 90-day timeframe.

The Nation

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How Late Nollywood actor Ogogo donated N2.5m to mosque renovation while on sick bed – Muslim community

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Details have emerged that the late veteran actor Taiwo Hassan, popularly known as Ogogo, donated ₦2.5 million towards the renovation of a mosque in Ilaro, Ogun State, last month despite being on a sick bed.

According to a post by A. Adebanji on X, Ogogo personally contacted the Imam of Ilaro mosque after learning that renovation work was ongoing and expressed his desire to contribute to the project.

The Ilaro Muslim community said it was shocked when it received ₦2.5 million from the actor and immediately contacted him to confirm the donation.

“He told us he would have given us more, but because of his health situation, he didn’t want to come on social media to start begging for financial assistance,” the community said.

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The revelation has added a poignant dimension to tributes following Ogogo’s death, highlighting his philanthropic gesture towards his community even while he was battling ill health.

The community prayed for Allah’s forgiveness and eternal rest for the late actor.

Ogogo was widely known for his contributions to the Nigerian film industry, particularly Yoruba-language cinema, and remained a prominent figure in the entertainment industry until his death.

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