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PRESIDENT BOLA AHMED TINUBU TEXT OF THE 2025 BUDGET

Published

4 months ago

December 18, 2024

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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Brazil ex-president Collor de Mello sentenced to 9yrs imprisonment over corruption

Published

28 minutes ago

April 26, 2025

ADMIN

Brazil’s former president Fernando Collor de Mello was arrested and taken to prison Friday to begin serving a nearly nine-year sentence for corruption and money laundering, the latest former leader to face jail time.

Collor de Mello, Brazil’s first democratically elected president after a decades-long dictatorship, resigned in 1992 after Congress launched impeachment proceedings against him for allegedly taking bribes.

His arrest stems from a conviction over bribes taken two decades later while a senator, part of the sprawling “Car Wash” corruption scandal.

The 75-year-old was detained in Maceio city in northeastern Alagoas state, where he served as a senator and governor, a federal police source told AFP.

In 2023, Collor de Mello was found guilty of having received 20 million reais ($3.5 million dollars) in bribes while a senator between 2010 and 2014 to “irregularly facilitate contracts” between a construction company and a former subsidiary of Brazil’s state oil company Petrobras.

On Thursday, Supreme Court justice Alexandre de Moraes rejected Collor de Mello’s last-gasp efforts to have the arrest order annulled.

His lawyers told local media the arrest came as he was about to travel to the capital Brasilia to turn himself in.

Moraes ordered he be incarcerated in an individual cell in a “special wing” of Baldomero Cavalcanti de Oliveira prison in Maceio.

His lawyers said they would seek permission for him to serve his sentence under house arrest.

Collor de Mello is not Brazil’s first president to fall foul of the law.

Four of the seven people who have led the country since the 1964-1985 military dictatorship have either been convicted, jailed or impeached.

In the latest case, far-right former president Jair Bolsonaro has been ordered to stand trial over an alleged coup plot after losing the 2022 election.

While recovering in hospital this week from intestinal surgery, a court official handed the 70-year-old a summons giving him five days to submit his initial defense.

– ‘Car Wash’ fallout –

Current President Luiz Inacio Lula da Silva, who served two terms between 2003 and 2010, was among dozens of top businessmen and politicians in Brazil and elsewhere in Latin America who were caught up in the Car Wash mega-probe.

The investigation uncovered a vast network of bribes paid by large construction companies to politicians in several countries to obtain major public works contracts.

Lula spent a year and a half behind bars before having his conviction overturned by the Supreme Court and winning a third term in October 2022.

Collor de Mello was heralded as a youthful non-conformist figure who promised far-reaching political and social reforms when he beat the leftist Lula to the presidency in 1989.

But his day in the sun did not last long.

Less than three years later he stood down as president as the impeachment process was nearly complete.

He returned to politics, after a period of ineligibility had expired, and in 2006 was elected senator for Alagoas, a seat he held until 2022.

In 2022, he campaigned for Bolsonaro who was seeking re-election but it was Collor de Mello’s old adversary Lula who triumphed. [AFP/CBS]

News

List of World Leaders that are present in the final funeral of Pope Francis

Published

44 minutes ago

April 26, 2025

ADMIN

Several world leaders will attend the funeral of Pope Francis on Saturday, April 26.

Here is the list:

Africa
Angola – Joâo Manuel Gonçalves, President
Cape Verde – Jose Maria Neves, President
Central African Republic – Faustin-Archange Touadera, President
Democratic Republic of Congo – Felix Tshisekedi, President
Equatorial Guinea – Teodoro Nguema Obiang Mangue, Vice President
Gabon – Brice Nguema, President
Kenya – William Samoei Ruto, President
Lesotho – King Letsie III
Madagascar – Andry Rajoelina, President
Morocco – Aziz Akhannouch, Prime Minister
Mozambique – Daniel Chapo, President
Nigeria – H.E Senator Godswill Akpabio Senate President
Seychelles – Wavel Ramkalawan, President
Sierra Leone – Julius Maada Bio, President
Tanzania – Philip Isdor Mpango, Vice President
Togo – Faure Gnassingbé, President
Zimbabwe – Constantino Chiwenga, Vice President
Foreign Ministers: Algeria, Burkina Faso, Mali, Namibia, South Sudan, Tunisia, Zambia

Asia
Armenia – Vahagn Khachaturyan, President
Bangladesh – Muhammad Yunus, Chief Adviser
China – Chin-Jen Chen, Former Vice President
Cyprus – Nikos Christodoulides, President
East Timor – Jose Ramos-Horta, President
India – Droupadi Murmu, President
Iraq (Kurdistan Region) – Nechirvan Barzani, President
Israel – Yaron Sideman, Ambassador
Lebanon – Joseph Khalil Aoun, President
Palestine – Mohamed Mustafa, Prime Minister
Philippines – Ferdinand Marcos Jr., President
Turkey – Numan Kurtulmus, Speaker of the National Assembly
Sri Lanka, Mongolia, Japan – Foreign Ministers
Jordan – King Abdullah II

Europe
Albania – Bajram Begaj, President
Austria – Christian Stocker, Chancellor
Belgium – Bart De Wever, Prime Minister; King Philippe and Queen Mathilde
Bosnia and Herzegovina – Zeljka Cvijanović, Chairman
Croatia – Zoran Milanovic, President
Czech Republic – Petr Fiala, Prime Minister
Estonia – Alar Karis, President
Finland – Alexander Stubb, President
France – Emmanuel Macron, President
Georgia – Mikheil Kavelashvili, President
Germany – Frank-Walter Steinmeier & Olaf Scholz
Greece – Kyriakos Mitsotakis, Prime Minister
Hungary – Tamas Sulyok & Viktor Orbán
Iceland – Halla Tómasdóttir, President
Ireland – Micheal D. Higgins & Micheal Martin
Italy – Sergio Mattarella & Giorgia Meloni
Latvia – Edgars Rinkevics, President
Lithuania – Gitanas Nauseda, President
Macedonia – Gordana Siljanovska-Davkova, President
Malta – Myriam Spiteri Debono, President
Moldova – Maia Sandu, President
Montenegro – Jakov Milatović, President
Netherlands – Dick Schoof, Prime Minister
Poland – Andrzej Duda, President
Portugal – Marcelo Rebelo de Sousa & Luis Montenegro
Romania – Ilie Bolojan, Interim President
San Marino – Denise Bronzetti, Captain Regent
Serbia – Duro Macut, Prime Minister
Slovakia – Peter Pellegrini, President
Slovenia – Natasa Pirc Musar & Robert Golob
Sweden – Ulf Kristersson, Prime Minister; King Carl XVI Gustaf & Queen Silvia
Switzerland – Karin Keller-Sutter, President
Ukraine – Volodymyr Zelenskyy, President
United Kingdom – Keir Starmer, Prime Minister; Prince William
Liechtenstein – Prince Alois and Princess Sophie
Luxembourg – Grand Duke Henri & Grand Duchess Maria Teresa
Monaco – Prince Albert and Princess Charlene
Denmark – Queen Mary
Norway – Crown Prince Haakon & Crown Princess Mette-Marit
Leaders of Institutions (Europe-based): Bjorn Berge (Council of Europe), Ursula von der Leyen (European Commission), Roberta Metsola (European Parliament), Antonio Costa (Council of the EU), Kaja Callas (EU Foreign Affairs), Pia Kauma (OSCE Parliamentary Assembly)

North America
United States – Donald Trump (President) & Melania Trump; Joe Biden (Former President) & Jill Biden
Belize – Froyla Tzalam, Governor General
Canada – Mary Simon, Governor General
Mexico – Rosa Icela Rodríguez, Secretary of the Interior
Cuba – Salvador Valdés Mesa, Vice President
Dominican Republic – Luis Abinader, President
El Salvador – Félix Ulloa Garay, Vice President
Honduras – Xiomara Castro, President

South America
Argentina – Javier Milei, President
Brazil – Luiz Inácio Lula da Silva, President
Chile – Manuel José Ossandon, Senator
Ecuador – Daniel Noboa, President
Paraguay – Raúl Latorre, President of the Chamber of Deputies
Peru, Uruguay, Venezuela – Foreign Ministers

Oceania
Australia – Sam Mostyn, Governor General
New Zealand – Christopher Luxon, Prime Minister

International Organizations
United Nations – Antonio Guterres, Secretary-General; Tedros Adhanom Ghebreyesus, Director-General
European Commission – Ursula von der Leyen, President
Council of the European Union – Antonio Costa, President
European Parliament – Roberta Metsola, President
European Union Foreign Affairs – Kaja Kallas, High Representative
Council of Europe – Bjorn Berge, Secretary-General
Organization for Security and Cooperation in Europe (OSCE) – Pia Kauma, President of the Parliamentary Assembly
International Fund for Agricultural Development (IFAD) – Álvaro Lario, President

News

2Face estranged wife, Annie Macauley breaks silence after he married Natasha

Published

1 hour ago

April 26, 2025

ADMIN

The ex-wife of 2Face, Annie Macauley, has broken her silence after a brief break following the marriage between 2Face and Natasha.

A few hours ago, a video of 2Face and Natasha getting married traditionally popped up on the internet.

The video of the traditional marriage has sparked diverse reactions from social media users

In the video that has gone viral, Natasha was seen covering her head with a scarf and wrapping her waist with an Idoma cloth as 2Face was seen introducing her to his clan’s men.

Annie took to her Instagram story to shared a video fo herself having a video shoot with Ayra Starr’s song ‘Rush’. It seems the actress is unconcerned about her ex-husband’s union with his new lover.

Social medi users have reacted to the post of Annie. Read some comments below…

fantaceewiz_ said: “Annie!!! Seeing you smile brings me so much joy. This is just the beginning. We can’t wait for “The Annie Macauly Brand Memoir & the movie”. We are here Queen.”

@asetomyancestors wrote: “New beginnings is always a good thing…get ur whole being together beautiful…mentally…physically…emotionally…most importantly spiritually….God is on ur side darling u got this…u are brave…u are enough..u are resilient…”

justhelenshapiro wrote: “Annie I love you, don’t worry. Mama you’re so strong and I respect you. Keep going we’re watching your back..”

tymecosmetics said: “Love you Annie. You are a true African Queen. Never forget you are a Queen and more.”