President Bola Tinubu revealed that his administration is targeting a revenue of ₦34.8 trillion in 2025.
He made this disclosure while presenting the 2025 budget to a joint session of the National Assembly on Wednesday.
Nigeria’s revenue target for the 2024 budget was ₦18.32 trillion, with ₦9.1 trillion achieved in the first half of the year. The 2025 target of ₦34.8 trillion reflects a substantial increase in ambition.
President Tinubu disclosed that Nigeria’s revenue stood at ₦14.55 trillion as of the third quarter of 2024.
He 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.”
President Tinubu further stated that his administration expects the Nigerian economy to grow by 4.6% in 2025.
He added that government policies are designed to reduce inflation and address food insecurity.
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.”
President Tinubu stated that the projections would be achieved by reducing the importation of petroleum products and food.
He also pledged to boost agricultural output by improving security and offering incentives to farmers.
“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,” he promised.
President Tinubu revealed that Nigeria’s foreign exchange reserves have reached $42 billion, the highest in over 30 years.
Reflecting on the outgoing fiscal year, he highlighted the country’s economic progress, noting that the economy grew by 3.46% in the third quarter of 2024, compared to 2.54% in the same period in 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.
