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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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NNRA Allegations: IADI Demands Evidence, Says Audit Queries Not Proof of Fraud

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The Integrity Advocacy for Development Initiative (IADI) has called for a thorough, evidence-based examination of allegations of financial misconduct involving the Nigerian Nuclear Regulatory Authority (NNRA), warning against treating audit observations and media reports as established cases of fraud.

IADI Executive Director, Comrade Ofomhi Christopher, made the call on Wednesday at a press briefing in Abuja titled, “On the Allegations Concerning the Nigerian Nuclear Regulatory Authority (NNRA): Facts, Clarifications and the Need for Evidence-Based Accountability.”

The group was reacting to a publication by Secrets Reporters dated October 1, 2026, which alleged that about N6.69 billion was involved in contract fraud and misappropriation at the NNRA.

It also referred to a protest held on October 5 by Global Integrity Watch (GIW) at the NNRA headquarters, where the organisation demanded accountability, responses to audit observations and Freedom of Information requests, as well as changes in the leadership of the regulatory authority.

Christopher said while the allegations deserved scrutiny, they should not be treated as established facts without verification of the underlying records.

According to him, the public deserves to know the specific audit observations, periods and transactions involved, the nature of the contracts, the status of the projects or services, responses provided by the NNRA and whether the issues had been resolved or referred for further investigation.

“An audit observation is a serious matter requiring explanation and verification, but it is not, by itself, a judicial finding of fraud or personal misappropriation,” he said.

The IADI chief also referred to an explanation reportedly provided by the NNRA Director-General concerning the authority’s 2024 capital budget.

He said the explanation put the NNRA’s total 2024 capital budget at about N2.7 billion, comprising approximately N200 million belonging directly to the authority and about N2.5 billion for constituency projects, with an additional N200 million regional project bringing the figure referenced to about N2.9 billion.

Christopher, however, stressed that the explanation should not be regarded as conclusive, urging that it be tested against appropriation documents, budget releases, project records, procurement documents, payment records and audit reports.

“That is how responsible accountability should work: a claim is made, the response is heard, the records are examined, and the evidence determines the conclusion,” he said.

On allegations concerning unexecuted projects, the organisation called for physical verification of the specific projects, while allegations of inflated contract prices should be subjected to scrutiny of contracts, bills of quantities, procurement records and relevant price benchmarks.

It also urged that allegations concerning contractors be examined through relevant procurement and ownership records, while any claim of diversion or misappropriation should be established through the financial trail.

Christopher said where audit authorities had raised observations on expenditure, the public should be informed of the precise observations, the affected institution’s response and the current status of the issues.

The organisation also addressed the October 5 protest by GIW, acknowledging the constitutional right of civil society organisations to peaceful assembly and association under Section 40 of the Constitution.

It, however, urged CSOs to exercise such rights responsibly and within the law.

On Freedom of Information requests, IADI said there should be a distinction between the right to protest and the legal mechanism available where an FOI request is not answered.

The organisation noted that the Freedom of Information Act provides a judicial mechanism for applicants who have been denied access to information, adding that Section 20 allows an applicant to approach the court for a review.

IADI clarified that it was not suggesting that CSOs must obtain a court order before organising peaceful protests.

Rather, Christopher said, where non-compliance with an FOI request was the central grievance, the statutory and judicial mechanisms should be considered alongside legitimate civic action.

“An unanswered FOI request may justify further action to obtain the information. It does not, by itself, establish that fraud, misappropriation or any other wrongdoing has occurred,” he said.

The group also urged organisers of protests at government agencies to take public safety, access to government premises and the safety of protesters, workers and other citizens into consideration.

At the same time, it cautioned government institutions against using the possibility of confrontation as a justification for suppressing lawful civic expression.

“The answer to institutional disagreement should be law, evidence and due process, not intimidation or retaliation,” Christopher said.

He stressed that IADI was neither seeking to shield the NNRA from scrutiny nor dismiss legitimate questions concerning public expenditure at the authority.

He called on relevant audit and oversight bodies to state the status of the observations in question, the responses received from the NNRA and whether the matters had been resolved, sustained or referred for further investigation.

The organisation also encouraged CSOs pursuing accountability to make full use of available legal and institutional mechanisms while retaining their legitimate right to peaceful civic action.

“The public deserves accountability. But the public also deserves accuracy, fairness and evidence.

“A headline is not a verdict. An allegation is not evidence. An audit observation is not automatically a finding of personal guilt,” Christopher said.

He added that public institutions should not expect their expenditure to escape scrutiny merely because questions were raised through the media or civil society.

“Let the records be examined. Let the questions be answered. Let the evidence speak,” he said.

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Dogara Mourns Victims of Air Force Plane Crash, Condole President Tinubu, Military

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Former Speaker of the House of Representatives and Chairman of the Board of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, CFR has expressed deep sorrow over the Nigerian Air Force aircraft crash that claimed the lives of 32 persons near Igbokoda, Ondo State. Dogara described the tragedy as a heartbreaking loss to the nation, noting that the deaths of the victims have left a painful void in the country’s defence and security community.

In a statement, the former Speaker extended his condolences to President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, the Nigerian Air Force, and the families of those who perished in the unfortunate incident.

He said the nation shares in the grief of the bereaved families and the Armed Forces at this time of immense sorrow, adding that the sacrifices of those who lost their lives in service to the country will not be forgotten. “The nation mourns with the families of the deceased and stands in solidarity with the Armed Forces during this difficult period,” Dogara stated.

He also commiserated with the Chief of Air Staff, officers and men of the Nigerian Air Force, praying that God grants them the fortitude to bear the painful loss.
According to him, moments such as this call for national unity, reflection and collective support for the families and institutions affected by the tragedy.

Dogara paid tribute to the victims, describing them as patriotic Nigerians whose commitment and service contributed to the security and stability of the nation. He further applauded the efforts of emergency responders, rescue teams and all personnel involved in the aftermath of the crash, commending their courage and professionalism under difficult circumstances.

The former Speaker prayed God to comfort their families, friends and colleagues.
He also offered prayers for the safety and protection of members of the Armed Forces and for continued peace, unity and progress in Nigeria.

The Nigerian Air Force aircraft crashed near Igbokoda, Ondo State, resulting in the death of 32 persons and plunging the nation into mourning. Authorities are yet to make public the cause of the accident as investigations continue.

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Centre for Credible Reforms Lauds Transparency in Ongoing Insurance Sector Reforms

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The Centre for Credible Reforms and Institutional Accountability (CCRIA) has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.

The centre said the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 had ushered in a new phase of development for the sector, with stronger regulatory standards, improved capitalisation and greater emphasis on protecting policyholders.

Dr Aminu Abubakar Aminu, president of the centre, said this in a statement at the weekend.

Aminu commended President Bola Tinubu and the National Assembly for the enactment of NIIRA, describing the legislation as a major step towards addressing longstanding challenges in the insurance industry.

“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector. We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.

The centre also praised Omosehin for his leadership of NAICOM, saying his extensive experience as an insurance professional had positioned him to effectively implement the new regulatory framework.

“We consider the appointment of Mr Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of NAICOM a timely and appropriate decision. He is a seasoned insurance professional with many years of experience in the industry, and his understanding of the sector gives him the practical knowledge required to lead an important reform process of this nature. We commend him for the direction he has provided since assuming office and for his commitment to strengthening the industry,” Aminu said.

According to the centre, the ongoing recapitalisation exercise was among the important steps taken to strengthen the financial capacity of insurance companies and improve their ability to meet obligations to policyholders.

Aminu said the reforms were already producing early gains and should be sustained through consistent implementation.

“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust. We encourage NAICOM to remain focused on the implementation of the Act and to continue providing clear guidance to operators and other stakeholders,” he said.

The centre noted that the reforms would also help deepen insurance penetration and strengthen the industry’s contribution to national economic development.

It urged insurance companies, brokers, reinsurers, professional bodies and other stakeholders to embrace the new framework and work with NAICOM to achieve the objectives of the legislation.

“The success of NIIRA will require the cooperation of every stakeholder in the insurance ecosystem. Operators must see the reforms as an opportunity to strengthen their institutions, improve their services and regain the confidence of Nigerians. A well-regulated insurance industry can mobilise long-term capital, protect businesses and households against risks and support investment and economic growth. These are benefits that go beyond the insurance industry itself,” Aminu said.

Aminu emphasized that the centre was particularly encouraged by the emphasis on policyholder protection under the new framework, noting that public confidence remained critical to the growth of insurance in Nigeria.

He said Nigerians should be able to purchase insurance products with confidence that operators had the financial capacity and institutional structures required to honour legitimate claims.

The president further urged NAICOM to sustain its engagement with stakeholders while ensuring that the provisions of NIIRA were implemented transparently and consistently.

“What is required at this stage is continuity, professionalism and commitment to the objectives of the law. The reforms must be sustained beyond the initial implementation period so that the gains can become permanent features of the industry. We believe NAICOM, under the leadership of Mr Ayo Omosehin, has an important responsibility to ensure that the momentum is maintained, and we encourage all stakeholders to support the commission in delivering on this mandate,” he said.

The centre said the successful implementation of NIIRA would strengthen confidence in the insurance sector, improve the protection available to policyholders and position the industry to play a greater role in Nigeria’s economic transformation.

It also called for continued collaboration between NAICOM, insurance operators and other stakeholders to ensure that the objectives of the new law were fully achieved.

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