President Bola Tinubu has presented the sum of N47.9 trillion as an appropriation bill for the 2025 fiscal year before the National Assembly for approval, to assist the administration achieve set policies and programmes.
The budget tagged, ” budget of restoration” seeks to consolidate the key policy instituted by the president, in order to restructure the economy, boost human capital development, increase the volume of trade and investment, and boost oil production among others.
“The 2025 budget seeks to restore economic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development,” he said.
While presenting the proposal to the 11th National Assembly on Wednesday, president Tinubu said that the budget which also targets an N34.8 trillion revenue projection includes N15.81 trillion for debt service and an N13.0 trillion deficit.
Under the 2025 proposal, key economic areas took a huge leap forward with defense/security allocated N4.91 trillion, health receiving N2.4 trillion, and education getting N3.5 trillion.
The president also noted that inflation is projected to decrease significantly from 34.3% to 15%, while the exchange rate is expected to drop from N1,700/$ to N1,400/$.
Reflecting on the notable improvements since his 18th month in office, President Tinubu announced that Nigeria’s economy has surpassed the projected 3.2% growth rate for the 2024 fiscal year, achieving an impressive 3.46% growth rate.
“Our economy is responding positively to stimulus our objective is to further, stimulate the economy through the implementation of targeted physical stimulus, packages through public expenditure, and specific non-inflationary spending”
” From negative inheritance, we are providing a robust buffer against external shocks, our rising exports are reflected in our current trade surplus which blow stands at 5.8 million Naira.
“National Bureau of Statistics confirms these, the clear results of gradual recovery among others reflected the resilience of our economy and the impact of deliberate policy choices we have made from the onset”
“The transformation effects of these on our economy are gradually being felt. The reform we have instituted is beginning to yield results, no reversals,” he added.
The president further urged the citizens to have faith in his administration saying Nigerians will soon experience a better and more functional economy,
