President Bola Tinubu has disclosed that Nigeria recorded N14.55 trillion in revenue in the third quarter of 2024, meeting 75 percent of his administration target for the period.
He also stated that his administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund, stressing on the priority given to the education sector.
Tinubu made this known while highlighting performance of the 2024 budget during the presentation of 2025 budget estimates before a joint session of the National Assembly.
He told lawmakers that his 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 percent of our target, also in the third quarter.
“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt,” he said.
The president also informed the lawmakers that N21.60 trillion naira was expended, representing 85 percent of the target, also in the third quarter.
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President Tinubu disclosed that the 2025 budget seek to restore macroeconomic stability, enhance the business environment, and foster inclusive growth.
He said the budget also seek to employment, and poverty reduction, promote equitable income distribution and human capital development.
Key priorities
In stating the priorities of the budget, President Tinubu avers that the budgetary allocations underscore this administration’s strategic priorities.
Particularly, he averred in advancing the Renewed Hope Agenda and achieving its developmental objectives.
Highlights of the 2025 Budget Allocations:
- Defence and Security: N4.91 trillion
- Infrastructure: N4.06 trillion
- Health: N2.48 trillion
- Education: N3.52 trillion
Tinubu noted that the budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the envisioned growth.
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