The 2025 budget that I present today at the joint session of the National Assembly 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.
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 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
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.
While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt
Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
The Nigerian 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.
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.
Food Security is non-negotiable!
The Time for Lamentation is Over
The Time to ACT is NOW
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.