President Bola Tinubu has disclosed that his government targets N34.8 trillion naira as revenue in 2025.
The President said this while presenting the 2025 budget at a joint session of the National Assembly on Wednesday.
The country’s revenue target in the 2024 budget was N18.32 trillion, while it achieved N9.1 trillion in the first half of the year.
According to President Tinubu, Nigeria’s revenue was N14.55 trillion as of the third quarter of 2024.
The President said: “I am happy to inform this National Assembly that 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 per cent of our target, also in the third quarter.”
He further noted that his government expects the Nigerian economy to expand by 4.6% next year.
He also noted that his government’s policies would reduce inflation and address food insecurity in the country.
The President presented a total budget of N47.9 trillion ($31 billion) for the 2025 fiscal year.
According to the President, the budget titled, ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’, aims to “restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction.”
The President noted that the projections would be achieved by reducing importation of petroleum products and food
He vowed to improve the country’s agricultural output by enhancing security and providing incentives for farmers.
Among other things, the President promised “increased foreign exchange inflows through Foreign Portfolio Investments, and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.”
Nigeria’s foreign exchange reserves are now $42 billion
Nigeria’s foreign exchange reserves currently stand at 42 billion U.S. dollars, the highest in over 30 years.
While reviewing the concluding fiscal year, the President argued that Nigeria has made economic progress, stating that the economy “grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023.”
“Global economic growth for the outgoing year 2024 was projected at 3.2 per cent, and against predictions, our country made significant progress.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks,” the President said.
He also noted that Nigeria’s exports increased in 2024, noting that it is due to the success of his administration’s economic reforms.
“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.”
Key projections for 2025
- The 2025 budget has a deficit of N13 trillion, which will be financed through borrowing.
- The President noted that 15.81 trillion naira for debt servicing.
- The Budget also projects a reduction in the inflation rate from the current rate of 34.6 per cent to 15 per cent next year.
- The naira is also projected to gain value against the dollar as the President targets an exchange rate of 1,500 naira to a dollar from the current rate of approximately 1,700 naira per dollar.
- Crude oil production is projected to increase to 2.06 million barrels per day (mbpd), from the current production of 1.4 million bpd.
The President said his government would prioritise security, infrastructure, health and education, in 2025.
