It means no babies, for the rest of your days. A pact made between friends to restrain from ever producing offspring.
"Yo, Pumba, how many kids do you want to have?"
"Timon, Hakuna Matoddler! What a wonderful phrase
Hakuna Matoddler! Ain't no passing craze
It means no babies for the rest of your days
It's our problem-free philosophy
Hakuna Matoddler!"