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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.
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HON. JA’AFARU YAKUBU HONOURED WITH DOUBLE TRADITIONAL TITLES OF CHIROMAN GASSOL AND MARAFAN BAKUNDI BALI
The Member representing Bali/Gassol Federal Constituency in the House of Representatives, Hon. Ja’afaru Chiroma Yakubu (ADC), has been conferred with two prestigious traditional titles — Chiroman Gassol and Marafan Bakundi Bali — in recognition of his exemplary leadership, commitment to public service, and immense contributions to community development.
The traditional honours were officially bestowed on the federal lawmaker by the revered traditional ruler of Bakundi Chiefdom, His Royal Highness, Alhaji Kabiru Muhammad Gidado Misa, the 10th Lamdo of Bakundi, during a colourful coronation ceremony attended by members of the royal family, community leaders, political associates, supporters, and well-wishers.
The conferment of the dual traditional titles has continued to attract widespread commendation from stakeholders across Taraba State and beyond, with many describing the recognition as a reflection of Hon. Ja’afaru Yakubu’s growing influence, grassroots connection, and unwavering dedication to the wellbeing of his people.
In a congratulatory message issued by his Special Assistant on Media and Publicity, Comrade Bashir Umar Dali, the lawmaker was described as a courageous, humble, and visionary leader whose commitment to humanity and community advancement has remained outstanding.
According to the statement, the titles Chiroman Gassol and Marafan Bakundi Bali are symbolic recognitions of the lawmaker’s selfless service, people-oriented representation, and tireless efforts towards promoting unity, peace, and sustainable development across Bali/Gassol Federal Constituency.
The statement further noted that Hon. Ja’afaru Yakubu has consistently distinguished himself through impactful representation, empowerment initiatives, and developmental interventions aimed at improving the lives of the people.
“Your commitment and selfless contributions to the growth and progress of the people continue to inspire many across Bali/Gassol Federal Constituency and beyond,” the statement read.
Comrade Bashir Umar Dali also prayed for greater wisdom, strength, honour, and divine guidance for the federal lawmaker as he continues to shoulder greater traditional and leadership responsibilities in service to the people.
Observers have described the conferment of the two traditional titles as a major endorsement of Hon. Ja’afaru Yakubu’s leadership credentials and his increasing relevance in the socio-political and traditional landscape of Taraba State.
The titles Chiroman Gassol and Marafan Bakundi Bali are regarded as highly respected honours within the traditional institution, reserved for individuals who have demonstrated exceptional character, loyalty, service, and commitment to the development and unity of their communities.
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EID-EL-KABIR: BELLO BABAYO BELLO COMMENDS TINUBU, SHETTIMA, GOMBE GOVERNOR AS HE FELICITATES WITH MUSLIMS NATIONWIDE
The Executive Director, Networks, Niger Delta Power Holding Company Limited (NDPHC), Engr. Bello Babayo Bello, FNSE, has extended warm felicitations to Muslim faithful across Nigeria, particularly the people of Gombe State, on the occasion of the 2026 Eid-el-Kabir celebration, urging citizens to continue promoting peace, unity, love, and national development.
In a goodwill message released to journalists on the occasion of the Islamic festival, Engr. Bello described Eid-el-Kabir as a sacred celebration that reflects the virtues of sacrifice, obedience, faith, compassion, and gratitude to Almighty Allah as demonstrated by Prophet Ibrahim (AS).
He called on Muslims to use the spiritual significance of the season to strengthen the bonds of brotherhood, support one another, and continue praying for the peace, stability, and prosperity of Nigeria.
Engr. Bello also commended the leadership of President Bola Ahmed Tinubu, GCFR, for his commitment to national development, economic reforms, infrastructural advancement, and efforts aimed at strengthening unity and progress across the country.
According to him, the administration of President Tinubu has continued to demonstrate determination in laying foundations for long-term growth and national transformation through bold policies and strategic governance initiatives.
The NDPHC Executive Director equally praised Vice President Kashim Shettima, GCON, for his loyalty, dedication, and support toward the actualization of the Renewed Hope Agenda of the Federal Government.
He noted that the Vice President has continued to play a vital role in promoting stability, inclusion, and effective coordination within government.
Engr. Bello further applauded the Governor of Gombe State, Muhammadu Inuwa Yahaya, CON, for what he described as purposeful leadership and remarkable strides in infrastructural development, healthcare, education, youth empowerment, and peaceful coexistence in the state.
He said the governor’s developmental policies and inclusive style of governance have continued to attract admiration and confidence from the people of Gombe State and beyond.
“Eid-el-Kabir remains a season of reflection, gratitude, sacrifice, and devotion to Almighty Allah. It is also a period that reminds us of the importance of unity, compassion, tolerance, and service to humanity. As we celebrate, we must continue to pray for our leaders and for the continued peace, progress, and prosperity of our dear nation,” he stated.
Engr. Bello urged Muslim faithful to extend love and kindness to the less privileged, widows, orphans, and vulnerable members of society during the Sallah festivities, stressing that charity and generosity are central teachings of Islam.
He also commended the people of Gombe State for sustaining the culture of peaceful coexistence, harmony, and mutual respect among diverse communities.
The engineering professional and public administrator expressed optimism that Nigeria would continue to witness greater development, unity, and economic advancement under the leadership of President Tinubu.
He prayed for Allah’s continued guidance, wisdom, protection, and blessings upon the President, Vice President, Governor Inuwa Yahaya, and all leaders across the country.
Engr. Bello finally wished Muslim faithful in Gombe State and across Nigeria a peaceful, joyous, and spiritually fulfilling Eid-el-Kabir celebration.
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Dogara Celebrates Eid El-Adha, Urges Nigerians to Embrace Unity, Sacrifice, and Compassion
Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Board of National Credit Guarantee Company Limited (NCGC), has extended heartfelt felicitations to Muslims across Nigeria and around the world on the occasion of Eid El-Adha.
In his Eid message, Dogara described the festival as one of the most profound moments in the Islamic faith — a sacred season that embodies the enduring virtues of sacrifice, obedience, faith, and total devotion to God, as demonstrated by Prophet Ibrahim (AS). He noted that beyond its spiritual significance, Eid El-Adha serves as a powerful reminder of the values of compassion, generosity, and love for humanity.
According to him, the celebration offers an opportunity for reflection and renewal, urging Nigerians to recommit themselves to the ideals of unity, peace, and mutual understanding. He observed that the true essence of Eid lies not merely in celebration, but in the willingness to serve others selflessly and uplift the less privileged.
“Eid El-Adha reminds us that greatness is found in sacrifice, service, and compassion for one another. It is a season that calls us to strengthen the bonds of brotherhood, extend kindness to those in need, and renew hope for a better and more united nation,” Dogara stated.
The former Speaker stressed that the lessons of Eid should transcend religious and ethnic boundaries, especially at a time when Nigeria needs collective commitment to peace, justice, and national cohesion. He called on citizens to rise above division and work together in the spirit of patriotism and shared destiny.
“As we celebrate this sacred festival, may the spirit of sacrifice inspire us to build bridges of understanding, promote harmony across our communities, and work collectively for a more peaceful, just, and prosperous Nigeria,” he added.
Dogara further prayed that the blessings of Eid El-Adha would bring joy to families, healing to communities, and progress to the nation. He encouraged the faithful to use the occasion as a time for spiritual renewal, deeper devotion to God, stronger family ties, and renewed commitment to the common good.
“As families gather in prayer and celebration, may this Eid remind us of our shared humanity and our collective responsibility to serve with humility, love, and sincerity. May the Almighty accept our prayers and sacrifices, bless our homes with peace and happiness, and guide our nation toward greater unity and prosperity,” he concluded.
Dogara wished all Muslim faithful a peaceful and joyous Eid El-Adha celebration filled with divine blessings, love, hope, and renewed faith in the future of Nigeria.
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