News
Key Takeaways from President Bola Ahmed Tinubu’s Budget Speech Showing Nigeria’s Path to Economic Recovery
On Wednesday, December 18, 2024, President Bola Ahmed Tinubu delivered a speech to the Joint Session of the National Assembly as he presented his ₦49.7 trillion 2025 budget estimate to the legislature.
The budget marks the President’s second within his 19 months in office and the second under this administration. His speech provided a concise overview of Nigeria’s economic trajectory under his leadership.
Christened the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” this budget builds on the gains achieved during the administration’s initial efforts to stabilize the economy. It promises to improve lives and enhance productivity nationwide.
Significantly, this budget which President Bola Tinubu has called a budget of renewal is birthed from the successes of the hard work of the economic managers of the country, particularly, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun who has played a background but crucial role in ensuring that the economy is stabilized and that the government can now project forward with its plans for economic renewal.
Over the past 19 months, tough but necessary reforms have been implemented, creating some shocks across the polity. However, these reforms have been for the long-term betterment of the country. In his speech, the President acknowledged the difficulties and sacrifices imposed by these reforms, while urging Nigerians to stay hopeful as the nation moves closer to economic recovery.
The restructuring of the economy by the Wale Edun led economic managers is creating a rejuvenated economy that is strong enough to withstand the headwinds of any future shocks of the global downturn, as seen during covid and the volatility of crude oil prices. The reforms are already yielding tangible results.
For instance, the President highlighted that despite global economic growth being projected at 3.2% in 2024, Nigeria’s economy grew by 3.46% in the third quarter of 2024—an improvement from 2.54% in the corresponding period in 2023. This outperformance underscores the resilience and potential of the Nigerian economy under sound management.
Additionally, Nigeria’s foreign reserves now stand at $42 billion, providing a buffer against external economic shocks. This reflects the prudence of the Wale Edun-led team, which has skillfully balanced productive spending with maintaining healthy reserves.
When a country exports more goods and services than it imports, it earns extra money, which is called a trade surplus. The results of the economic rejuvenation are showing in Nigeria’s rising exports, too, and they are reflecting in Nigeria’s current trade surplus which now stands at 5.8 trillion Naira. This means that we are selling more to other countries than we are buying from them: the Wale Edun led economic team has emphasized that its goal is to make Nigeria a serial exporter of its locally manufactured goods. This brings more money is coming into the country.
Nigeria’s trade surplus standing at 5.8 trillion Naira shows that Nigeria’s economy is getting stronger. When our exports rise, it shows that our goods are getting out to other countries, which boosts confidence in our economy.
In President Tinubu’s words, “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.”
Another notable achievement highlighted in the President’s speech is the effective implementation of the 2024 budget. By the third quarter, Nigeria had achieved revenue of ₦14.55 trillion (75% of the target) and expenditure of ₦21.60 trillion (85% of the target).
President Tinubu, speaking to the 2025 budget stated that its philosophy is around: restoring macroeconomic stability, enhancing the nation’s business environment, fostering inclusive growth, and employment, and reducing poverty, and promoting equitable income distribution and human capital development.
The budget projects ₦34.82 trillion in revenue and ₦47.90 trillion in expenditure, including ₦15.81 trillion for debt servicing, leaving a deficit of ₦13.08 trillion (3.89% of GDP).
According to the President, this 2025 budget projects that 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).
The President and his economic team have based these projections on the reduced importation of petroleum products alongside increased export of finished petroleum products, achieving a bumper harvest in 2025, driven by enhanced security, and reduced reliance on food imports, increased foreign exchange inflows through Foreign Portfolio Investments, as well as higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
Achieving these ambitious goals will require unwavering commitment and resilience. And that is possible. The President’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun must tirelessly work to deliver on the tasks before them. It would take a lot of commitment, fervent resilience and sticking to the script to make these work.
Telling from the performance of the 2024 budget orchestrated by this team, Nigerians can indeed hold on to the hope and belief that the economy would pick uncommon steam and growth in 2025. Indeed, the “Budget of Restoration: Securing Peace, Rebuilding Prosperity” embodies the vision of a Nigeria on the path to sustainable growth and prosperity.
Bernard Okri, the founder of the Global Economic Policy Initiative (GEPIn) writes from Asaba, Delta State.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Senate President Godswill Akpabio over the suspension of Senator Natasha Akpoti-Uduaghan. The group argues that the suspension is unlawful and violates her fundamental right to freedom of expression.
SERAP is seeking a court order compelling Akpabio to reverse the six-month suspension, reinstate Akpoti-Uduaghan, and restore all her legislative privileges. The organization also wants an injunction preventing the Senate from imposing further disciplinary actions against her for expressing her views.
Senator Akpoti-Uduaghan was suspended after she reportedly spoke without permission and rejected a new seat assignment in the Senate chamber. As part of her suspension, her salary and allowances have been withheld, and she has been barred from identifying as a senator.
In its suit filed at the Federal High Court in Abuja, SERAP contends that the suspension deprives Akpoti-Uduaghan’s constituents of political representation. The organization also argues that penalizing a senator for exercising free speech creates a chilling effect on other lawmakers.
“No one should ever be punished for speaking without permission,” SERAP stated. “The Senate should uphold the rule of law and protect human rights, not suppress them.”
The group cites constitutional provisions and international human rights treaties, including Section 39 of the Nigerian Constitution, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.
SERAP maintains that the Senate Standing Orders cannot override constitutional guarantees of free speech. The lawsuit emphasizes that restricting a senator’s expression undermines democracy and violates Nigerians’ right to receive information and participate politically.
No date has been set for the hearing of the case.
Ahead of the 2027 elections, hundreds of members of market associations and numerous women groups in Kaduna state at the weekend, occupied Kaduna metropolis in a peaceful demonstration where they reiterated their loyalty and support to the administration of
Governor Uba Sani of Kaduna state and President Bola Ahmed Tinubu.
The protesters who alleged that they had bitter experiences during the El-Rufa’i administration, said they would remain where Governor Uba Sani stood and advised the citizens of Kaduna not to be deceived by doing the contrary.
They recounted their ordeals during the 8 years of the previous administration, alleging that hundreds of market shops belonging to individuals were either seized, demolished or confiscated, a situation that triggered ill health in many traders and business owners leading to paralysis and multiple deaths of their colleagues.
“We’ve been in the market for over 40 years and have never experienced the kind of set backs we suffered under the previous Governor.”
“A lot of lives were lost,a lot of finances were ruined by reason of his kind of policies. We are here to speak with one voice and say that anything that would kind of revive such kind of philosophy in Kaduna market, we don’t want it,” Daniel Audu Maigari, a stakeholder of the Kaduna Market associations, has said.
He explained that “this incumbent Governor began by healing the wounds, the wounds that were really severed by the former Governor. Governor Uba Sani has been doing so,so very well and that’s why we’ve been with our leader, Alhaji Abdurrahman Mohammed, who like Governor Sani,has been charting the right course, ensuring programmes and plans that will heal these wounds .”
He said there was never been a time they are having the impact of leadership in Kaduna market, like they are having now.
” Now we’ve lots of incentives, lots of policies that are driving us to progress .We are now standing with one voice to denounce anything that would reverse this,” he said.
Alhaji Daiyabu Ismail Mai Gwanjo, Chairman Stakeholders of the Kaduna State Market Traders associations, said on behalf of their leader,Alhaji Abdurrahman Mohammed, his EXCO and all trader leaders in the 23 Local Government Areas of Kaduna State, they have gathered to unilaterally declare an unalloyed support to Governor Uba Sani who had taken care of them and protected their interests.
According to him,” we have to say so,haven had the harrowing experience in the hands of the past administration. The scar still remains and many are yet to recover.”
“But when Almighty Allah sent Governor Uba Sani to us,he declared he would not do anything bad to traders because the world thrives on businesses.All the most cherished countries like China, Canada, UAE, India,are very proud of and supportive to their traders and other business persons.”
“Unfortunately, we found ourselves during the previous administration that neither showed empathy nor sympathy to traders. An approximate number of 36 markets were demolished at that time.None of these markets was completely rebuild ,till date,and we are suspicious of the collaboration between the previous administration and the market developers.”
“We are therefore calling on Governor Uba Sani, our Governor of sympathy and understanding, to look at this issue with a view to resolving it.We are with Uba Sani a hundred percent, ” he added.
Hajiya Hadiza Abdulaziz,a woman leader of the market association,said they have gathered in multitudes to reiterate their support to the APC and Governor Uba Sani who has tremendously supported the market men and women in Kaduna State.
” Most of the market women had no shops because the shops were collected. But now we give God the glory everybody has gotten their shops back and nobody will collect it again,” she said.
She expressed happiness that those making the market women not to achieve, had left the party and government.
“We’ve been crying, a lot of market women don’t have capital, they have been deceiving us.But now,I believe Governor Uba Sani is going to assist us,”she added.
The protesters later took to the streets ,displaying placards with various inscriptions denouncing the previous arrangements, and chanting slogans in support of President Bola Ahmed Tinubu, Governor Uba Sani and the All Progressives Congress, APC.
” Most of the market women had no shops because the shops were collected. But now we give God the glory everybody has gotten their shops back and nobody will collect it again,” she said.
She expressed happiness that those making the market women not to achieve, had left the party and government.
“We’ve been crying, a lot of market women don’t have capital, they have been deceiving us.But now,I believe Governor Uba Sani is going to assist us,”she added.
The protesters later took to the streets ,displaying placards with various inscriptions denouncing the previous arrangements, and chanting slogans in support of President Bola Ahmed Tinubu, Governor Uba Sani and the All Progressives Congress, APC.
Former President Olusegun Obasanjo has raised concerns over the selection process of traditional rulers in Nigeria, stating that criminal elements have infiltrated royal institutions. He lamented that individuals with questionable backgrounds, including drug addicts, vagabonds, bandits, and kidnappers, now hold positions of authority as traditional rulers.
Obasanjo made these remarks in his newly released book, Nigeria: Past and Future, unveiled last week. He criticized the rapid increase in traditional rulers, many of whom, he claimed, lack the training and moral integrity required for the role. According to him, this deterioration has weakened the institution’s ability to contribute positively to the nation’s socio-political stability.
“Today, there are criminals, drug addicts, vagabonds, bandits, and kidnappers as so-called traditional rulers,” Obasanjo stated, stressing that some have abandoned their cultural responsibilities and engaged in misconduct. He cited an example of a monarch allegedly involved in electoral malpractice, questioning the moral integrity of such leaders.
“How do we account for a traditional ruler snatching a ballot box at an election polling station and running away with it?” he queried.
Reflecting on the past, Obasanjo noted that traditional rulers once commanded immense respect, especially during colonial and early post-independence eras. However, he said, their influence has been diluted due to the lack of proper training and moral reformation.
“The class of traditional rulers with their distinction, honour, and dignity, as we knew them in the colonial days and early post-independence days, has been diluted and polluted,” he remarked.
Calling for urgent reforms, the former president stressed the need to restore the lost dignity of traditional leadership. He emphasized that rather than being a liability, traditional rulers should play a vital role in national development.
“That dignity, aura, and respect should be brought back, and traditional rulers should be an asset to Nigeria’s development and greatness, not a liability,” he asserted.
Obasanjo further called for moral rejuvenation among traditional rulers, particularly those from historically significant institutions. He maintained that if properly positioned, they could contribute significantly to Nigeria’s long-term progress.
“There is a need for moral re-armament among the traditional rulers—the ancient and historic ones. They can and should make meaningful contributions to the Nigeria of our dreams that will serve the purpose and interest of all,” he concluded.
Judge blocks Trump from deporting non-citizens using wartime law
SERAP sues Akpabio over ‘failure to reverse unlawful suspension of Natasha Akpoti’
4 abducted victims rescued as police neutralise wanted kidnap kingpin
-
Foreign19 hours agoJudge blocks Trump from deporting non-citizens using wartime law
-
News19 hours agoObasanjo bemoans selection process of traditional rulers in Nigeria
-
News19 hours agoSERAP sues Akpabio over ‘failure to reverse unlawful suspension of Natasha Akpoti’
-
Metro19 hours ago4 abducted victims rescued as police neutralise wanted kidnap kingpin
-
News19 hours agoMarket associations, women groups knock el-Rufai, rally support for Tinubu, Gov Sani