President Tinubu Presents N49.7 Trillion 2025 Budget, Says Economy Responding To Reform Stimulus
President Bola Tinubu on Wednesday, presented a N49.7 trillion budget for the 2025 fiscal year to the joint session of the National Assembly, saying that the economy was rapidly responding to the stimulus of his reforms.
President Bola Tinubu on Wednesday, presented a N49.7 trillion budget for the 2025 fiscal year to the joint session of the National Assembly, saying that the economy was rapidly responding to the stimulus of his reforms.
According to Tinubu, the economy is responding positively to the stimulus engineered by the ongoing reforms, assuring that Nigerians would soon begin to reap their benefits.
This figure is higher than the N47.9 trillion earlier announced by the Minister of Budget and Economic Planning Sen. Atiku Bagudu by N2 trillion
Bagudu had noted after Monday’s Federal Executive Council, FEC, meeting that some adjustments directed by the President would be made before presentation, even as a breakdown of the figure showed that,
defence and security received the highest sectoral allocation of N4.91 trillion, while
Infrastructure got N4.06 trillion, with Health and education getting N2.48 trillion and N3.52 trillion respectively.
Tinubu also said that the budget proposal, titled: “The restoration budget: securing peace, rebuilding prosperity” was at the very core of his Renewed Hope Agenda, hence demonstrating government's commitment to stabilising the economy as well as improving lives, and repositioning the country for greater performance.
Tinubu further stated that the budget proposal, reinforced his administration’s roadmap to peace, prosperity, and hope for a greater future.
“In 2025, we are targeting N34.82 trillion in revenue to fund the budget not as ambitious, but necessary to secure our future...
“It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness.
“I thank every Nigerian for embarking on this journey of reforms and transformation with us.
“The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy; that there have been difficulties and sacrifices.
“They will not be in vain. And we must keep faith in the process to arrive at our collectively desired destination.
“We must build on the progress we have made in the past 18 months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.”
Tinubu also noted that the 2025 budget was projected in the belief that inflation will decline from the current 34.6 to 15 per cent within the period, with the exchange rate to improve from approximately N1,700/$ to N1,500 and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
These projections, he further said, were based on reduced importation of petroleum products and their increased export, bumper harvests driven by enhanced security, reduced reliance on food imports, 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.
According to him, “We do not intend to depart from this critical path to strengthen the Nigerian economy.
“Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people.
“Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
“The improvements we witnessed in the 2024 budget have led us into the 2025 budget.
“The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget.
“But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory...
“These clear results of gradual recovery, among others, reflect the resilience of the economy and the impact of deliberate policy choices the country made from the outset."
Commenting on increased allocation for security, Tinubu said the government would continue to provide modern tools and technology needed to keep the country safe and together.
“Boosting the morale of our men and women in the armed forces will remain our government’s top priority,” he added.
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