President Bola Tinubu has presented 2025 budget of N49.7 trillion to the joint sitting of the senate and House of Representatives on Wednesday.
The President said the budget, which he said was put together based on economic realities, would trigger prosperity in Nigeria in 2025 if implemented to the letter.
Tinubu said, “This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.”
He explained the performance of 2024 budget stating that Nigeria achieved a revenue generation of N14.55 trillion in the first three quarters of 2024.
The President said his administration attained remarkable milestones in implementing the 2024 budget.
“In 2024, we achieved N14.55 trillion in revenue, meeting 75 percent of our target as of the third quarter,” Tinubu said.
According to the president, the country also spent N60 trillion 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.
In his presentation, Tinubu said, “The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day.”
Speaking further, the president said the economy is responding positively to stimulus.
“Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending,” Tinubu said.
“The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
“Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.”
The president said the economy grew by 3.46 percent in the third quarter of 2024 – up from 2.54 percent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly $42 billion, providing a robust buffer against external shocks,” he said.
“Our rising exports are reflected in the current trade surplus, which now stands at N5.8 trillion, according to the National Bureau of Statistics.”
Tinubu said the clear results of gradual recovery, among others, reflect the strength of the economy and “the impact of deliberate policy choices we made from the outset”.
