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Key Takeaways from President Bola Ahmed Tinubu’s Budget Speech Showing Nigeria’s Path to Economic Recovery

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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.

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PANDEF Clarifies Visit To Tinubu, Knocks Wike Over Inflammatory Comments

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The Pan Niger Delta Forum (PANDEF) has called on President Bola Tinubu to prevail on the minister of the Federal Capital Territory, Nyesom Wike to retract his publicly disparaging remarks made recently against the socio-political body.

PANDEF described as regrerrable and embarrassing comments by Wike in the aftermath of the group’s visit to Tinubu at the State House, Abuja, on Tuesday, March 11, 2025, even to the extent of insulting the late former Federal Commissioner for Information and South-South Leader, Chief Edwin.

Recall that the FCT minister had, on Thursday, during a media chat, described PANDEF as “the worst organisation anybody can rely on”, while also calling the board of trustee members of the body “political merchants”.

In a statement signed by PANDEF Chairman on Saturday in Abuja, Ambassador Godknows Boladei Igali, urged President Tinubu as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent.

Igali clarified that the meeting with the president provided a valuable platform to discuss pressing issues of national and regional importance. Adding that “PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region.”

His words: ^To set the record straight, PANDEF the foremost socio-political body representing the South-South regions, composed of some of Nigeria’s most distinguished personalities. The delegation to Mr. President included chairpersons of at least four of the six SouthSouth states’ traditional councils, senior traditional rulers of major ethnic groups, former governors, past presiding officers of the Senate, prominent entrepreneurs, academics, and high-ranking retired military officers.

“It is, therefore, highly regrettable and totally unacceptable that a serving minister in the Federal Government would exhibit such brazen disrespect towards individuals of this standing. This attitude perhaps explains his continued refusal of the Minister to engage with the Peace and Reconciliation Committee, which PANDEF constituted as far back as October 2024, despite repeated attempts to reach.

“The Honourable Minister (Wike) characterized PANDEF as the worst organization ever” and accused its members of visiting the Presidential Villa merely to solicit financial favors. These statements are not only false but also unbecoming of a public official of his stature.

“PANDEF hereby calls upon Mr. President, as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent Nigerians and traditional rulers who were, after all, esteemed guests of the Commander-in-Chief. It is apt to remind that the Minister does not own the Niger-Delta and his errant conduct should not be condoned.

“Notwithstanding this regrettable development, PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region,” Igali stated.

On efforts to restore peace in River State, Igali restated PANDEF’s commitment for peace in the oil-rich State.

“For the avoidance of doubt, the Peace and Reconciliation Committee, which remains committed to resolving the Rivers State crisis,” Igali stated.

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IPOB’s lawyer accuses Anambra govt of violating citizens’ rights, wants all arrested charged to court

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The counsel to the Indigenous People of Biafra (IPOB), Barrister Ifeanyi Ejiofor, has called on the Anambra State Government to either charge to court or release individuals allegedly detained for the past five weeks without trial.

In a statement issued on Saturday, Ejiofor criticized what he described as “violations of citizens’ rights,” emphasizing that the detainees have not been presented before any court or formally charged with a crime.

“Today, March 15, 2025, marks five full weeks since several citizens of Anambra State were arbitrarily arrested and detained in a private facility controlled by the state government. Shockingly, they have not been charged with any offense or brought before any court of law. This is a flagrant violation of their fundamental rights,” Ejiofor stated.

He expressed concern that the detainees were not held by the police, the Department of State Services (DSS), or the military, but instead in an undisclosed facility, without any official explanation from the government.

Ejiofor, who has previously supported the government’s security efforts, urged Governor Chukwuma Soludo to ensure the rule of law is upheld.

“I have always championed active citizen participation in combating insecurity and have publicly urged the government to act against criminal elements. However, this must be done legally and transparently,” he said.

While commending the efforts of the state’s Agụnechemba security outfit, Ejiofor insisted that professionalism and adherence to due process are crucial.

He reaffirmed his support for lawful measures to combat crime but warned that arbitrary detentions could erode public trust in the government’s security strategy.

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Osun Amotekun recruits accuse Adeleke’s govt of nepotism

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The Osun State Amotekun Corps has denied allegations of nepotism in its ongoing recruitment of 1,000 cadets, following claims by some dismissed recruits that they were removed in favor of Peoples Democratic Party (PDP) members.

Some affected candidates, seen outside the NYSC camp venue in Osogbo, alleged they were removed due to their affiliation with the opposition All Progressives Congress (APC). Speaking on behalf of the group, a dismissed cadet, Usman, claimed that they had been in camp since Sunday before being replaced by PDP members, some of whom, he alleged, were unfit for training.

However, Amotekun’s Board Chairman, retired Assistant Inspector General of Police (AIG) Wale Abass, dismissed the allegations as baseless. He explained that those removed from the training camp either failed to meet the required standards or did not follow the proper recruitment process.

“The 1,000 cadets invited for training went through a rigorous selection process. They submitted applications online, underwent document verification, and passed physical fitness tests before being invited to camp,” Abass stated.

He further revealed that some unqualified individuals managed to gain access to the camp, while some selected candidates failed to meet the reporting deadline. Those with health issues were also disqualified.

Abass reaffirmed that the Amotekun Corps remains committed to fairness and impartiality in its recruitment process. He described the allegations as an attempt to create confusion and undermine the security outfit’s credibility.

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