President Bola Tinubu presenting the 2024 budget
Tinubu presents 2025 budget to National Assembly (LIVE UPDATES)
The Federal Executive Council approved the N47 trillion budget proposal on Monday.
byBakare MajeedandAbdulqudus Ogundapo December 18, 2024 Reading Time: 7 mins read
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President Bola Tinubu will present the N47 trillion 2025 budget to a joint session of the National Assembly today.
The Federal Executive Council (FEC) approved the N47 trillion budget proposal on Monday.
It is the president’s second full budget since he assumed office in May 2023.
Earlier Thursday last week, he notified the lawmakers of his plan to present the document on Tuesday. However, the presentation was shifted by one day, for what one of his cabinet ministers explained was due to some required amendments in the document.
The proposed budget is predicated on a benchmark oil price of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
It also projects total revenue at ₦34.82 trillion, while total expenditure is estimated at ₦47.96 trillion—an increase of 36.8 per cent from the 2024 estimate.
The deficit in the proposed 2025 budget is projected at ₦13.13 trillion, representing 3.89 per cent of GDP.
President Tinubu is submitting the budget to parliament less than two weeks before the end of the year.
10:47 a.m.
The security around the National Assembly complex is tight in anticipation of the arrival of President Bola Tinubu, who is scheduled to arrive at 11 a.m.
Access to the complex has been highly restricted, with special tags issued to journalists and other essential staff.
As usual, businesses such as banks and restaurants within the complex remain closed.
Plenary has commenced in the Green Chamber, with Speaker Abbas Tajudeen’s procession entering the Chamber at 10:34 a.m.
Shortly after the session was called to order, the House moved into a closed’door session.
10:55 a.m., A delegation of the federal government, which includes the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari and other government officials has just left the Senate Chamber where they were holding a meeting with the senators.
10:57 a.m., the president’s advanced security team arrives.
11.15 a.m. The closed-door session of the House of Representatives ends.
The Presidential Guards Brigade has also arrived.
11:39 a.m.
The National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje, and other ministers have entered the chamber.
The boxes containing the budget have also arrived.
11:40 a.m.
Ogun State Governor, Dapo Abiodun, Imo State Governor, Hope Uzodinma, Minister of Solid Minerals Development, Dele Alake and other dignitaries have arrived for the budget presentation. Also seated are the Secretary to the Government of the Federation, George Akume, Minister of the FCT, Nyesom Wike, Chief of Staff to the President, Femi Gbajabiamila, the Inspector General of the Police, Kayode Egbetokun.
They’re already seated at the House of Representatives chamber for the joint session.
11.44 a.m.
The procession of the Senate President arrived at the House of Reps chamber.
The Governor of Ogun State, Dapo Abiodun, has also been sighted in the Green Chamber.
President Bola Tinubu enters the chamber, accompanied by some government officials. The National Anthem is being taken.
12.13 p.m.
The president is accompanied also by his son, Seyi.
The Deputy Senate President, Barau Jibrin, Leader of the Senate, Opeyemi Bamidele , led the president to the chamber.
12.18 a.m.
The Muslim prayer is taken by Abdulaziz Yar’Adua, the Katsina Central senator while a member of the House of Representatives, Uyime Idem, takes the Christian prayer.
12.21 a.m.
Senate President, Godswill Akpabio, gives the opening remarks before President Tinubu makes his budget speech.
12.20 p.m.
There was a mild drama when a lawmaker attempted to sing the “On your mandate we shall stand” song. Several other lawmakers shut him down.
12: 20 p.m.
The Senate President, Godswill Akpabio, who is presiding over the Joint session hit the gavel to restore peace to the chamber
12:21 p.m,
The Senate President greets President Tinubu, the Vice President Kashim Shettima and other delegations of the federal government
12:25 p.m.
Mr Akpabio said the economic reforms of president Tinubu has started yielding positive results, though it is painful.
He also applauded the infrastructural strides of the president.
12:25 p.m.
Mr Akpabio said there is no state in the country currently under Boko Haram’s threat as a result of security measures put in place by the president.
12:28 p.m.
The senate president said as a result of bilateral relationship with foreign countries, Nigerians can now travel abroad with ease as many countries are now respecting its citizens.
13:30 p.m.
Mr Akpabio commended President Tinubu for the tax reform bills currently before the National Assembly.
He said the bills have been misunderstood by many people and that those who refuse to understand go to the television to criticise them.
He slammed some of the people opposed to the tax reform bills despite never reading a single page.
He said the National Assembly would not kill any reform, rather would cross the “I” and cross the “t”.
He added that some of his colleagues are not even aware that the tax reform bills are four in number.
12: 30 p.m.,
Mr Akpabio said the National Assembly will not hesitate to pass any reforms for the benefits of the country. He noted that if the tax reform bills are passed, over one million Nigerians will be exempted from paying tax.
12:35 p.m.
The Senate President advised Mr Tinubu to encourage ministers and other head of MDAs to always honour the invitation of the National Assembly.
He said the National Assembly will not hesitate to issue warrants of arrest on ministers and other head of MDAs who refuse to appear before the lawmakers.
12:39 p.m.
The Senate President invites President Tinubu to present the 2025 budget to the joint session.
12:40 p.m.
Mr Akpabio is leading a solidarity song “on your mandate we shall stand” .
President Tinubu has taken to the podium and started his presentation.
12:42 p.m.
President Bola Tinubu said he is happy to be at the National Assembly for the budget presentation. He jokingly asked members of the National Assembly to allow him to present the budget and go.
12:44 p.m.
President Tinubu made a mistake referring to the 10th National Assembly as the 11th National Assembly.
When the lawmakers chorused that they were 10th Assembly, the president said he wrote 11th Assembly in his speech and jokingly said that means the lawmakers will be reelected at the next general election to make them members of the 11th Assembly
12:47 p.m.
President Tinubu appreciates Nigerians for their perseverance on the economic reforms by his administration. He assured that the perseverance of Nigerians will not be in vain.
12:48 p.m.
President Tinubu said the 2025 budget will develop the Nigerian economy and address challenges in all sectors
12:50 p.m.
Mr Tinubu said the 2024 budget has successfully invested in the Nigerian youths, facilitated social orientation, and created employment opportunities for Nigerians. He said the reforms under his administration have started to yield positive results
12:52 p.m.
The president said Nigeria’s foreign reserve now stands at $42 billion.
12:56 p.m.
President Tinubu said the 2025 budget seeks to ensure macroeconomic stability, and poverty reduction, promote economic stability, and develop human capital development. He said the budget is necessary to secure Nigeria’s ambition.
President Tinubu listed key priorities of the administration in the 2025 budget as Defence and Security N4.91 trillion; Infrastructure N4.6 trillion; Health N2.48 trillion; Education N3.5 trillion etc
1:00 p.m.
President Tinubu said the government will continue to provide security for Nigerians with modern security tools.
1.02 p.m.
The president said Nigerians should never live in fear whether they in their homes or farmlands. He said they should always be safe. He assured that his government will continue to ensure a safer environment for Nigerians.
1:04 p.m.
President Tinubu said his administration has disbursed N34 billion to over 300 students through the Nigerian education loan fund.
He stated that for the 2025 budget, the government has budgeted N825.9 billion for development in the education sector.
1:05 p.m.
On Agriculture, President Tinubu said his administration will support farmers to ensure adequate food supply in the country. He specifically said food insecurity in Nigeria is not negotiable.
“Food security is non-negotiable. Our nation faces existential threat from corruption and insecurity,” Tinubu said.
“The time for lamentation is over. The time to act is now,” he stated further.
1:08 p.m.
President Tinubu said the time for lamentations on Nigerians challenges is over and that this is the time to act to change the country for the better.
He said, as Nigeria’s president, he is committed to ensuring peace and development of the country.
1:11 p.m.
President Tinubu said the 2025 budget is christened ‘Restoration Budget ‘
He has concluded his presentation and heading to present the budget
1:15 p.m.,
President Tinubu has presented the 47.9 trillion 2025 budget to a joint session of the National Assembly.
1:15 p.m.
President Tinubu exchanges greetings with governors and other dignitaries at the chamber before taking his seat.
1:16 p.m. The Senate President, Godswill Akpabio introduced the Speaker of the House of Representatives, Abbas Tajuddeen, to address the session.
1:20 p.m.
Speaker of the House of Representatives, Abbas Tajudeen, is addressing the joint session.
He said the removal of fuel subsidies and other economic reforms of the Tinubu administration has started to yield positive results in the country
1:22 p.m.
Mr Tajudeen said the National Assembly will continue ro support the economic policies of the president and other reforms.
1:27 p.m.
On the tax reform bills currently before the National Assembly, the Speaker said the lawmakers are engaging in consultations with state governors and other stakeholders and that the consultations are yielding positive results. He assured President Tinubu that the National Assembly would support any economic reforms of the president.
1:30 p.m.
The Speaker saluted Nigerians for their perseverance with the hardship.
Mr Tajudeen compared Nigeria’s budget to those of South Africa, Morocco, Egypt, and Algeria. “Our budget remains modest compared to our population,” he said. He lamented Nigeria’s low tax collection rate, stating that the country requires tax reforms…
He emphasised that the President must prioritise the reform of the tax process.
“We have engaged stakeholders to consult experts on the tax reform bills,” he said.
He also promised the speedy passage of the 2025 budget.
1:32 p.m.
Mr Akpabio directed the joint sitting to rise for the national anthem marking the end of the budget presentation
The president departed the chamber at 1:31 p.m. after the speech by the Speaker of the House of Representatives.
1:33 p.m.
The National Anthem, President Tinubu exchanged pleasantries with Messrs Akpabio and Akpabio.
1:34 p.m.
President Tinubu was led out of the chamber by the Deputy Senate President, Barau Jibrin, and the Deputy Speaker House of Representatives, Benjamin Kalu.
1:36 p.m.
Mr Akpabio is presiding over the joint session. He called on the Senate Leader, Opeyemi Bamidele to move a motion to adjourn the Joint session of the National Assembly.
Mr Bamidele moved the motion and the House Leader, Julius Ihonvbere, seconded it.
1:37 p.m
The Senate President announced adjournment of the joint session.
Reference
President Bola Tinubu presenting the 2024 budget