Stories by Abba Dukawa
President Bola Ahmed Tinubu has assured Nigerians that their sacrifices won’t be in vain, saying the gains of his economic reforms will begin to manifest soon.
Tinubu said this today (Wednesday). while delivering his speech at the presentation of the N47.9 trillion 2025 Appropriation Bill to the joint session of the National Assembly.
The President who acknowledged that the past 18 months of his administration’s reforms had been challenging, urged Nigerians to be patient.
He said “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway.
“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 with 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.”
He said the 2025 budget seeks to bring restoration by consolidating on the key policies instituted by his government to restructure the economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, “get the manufacturing sector humming again and ultimately increase the competitiveness of our economy.”
Debt servicing to gulp N15.8trn as Tinubu presents 2025 budget
A sum of N15.81 trillion has been allocated for debt servicing in the 2025 Appropriation Bill presented to the joint sitting of the National Assembly by President Bola Ahmed Tinubu.
Defence and Security tops the sectoral allocations in the N47.9 trillion budget presented by the President today (Wednesday).
The President disclosed this while giving a highlight of the Budget proposal before the National Assembly.
He stated that Defence/Security was allocated N4.91 trillion; Infrastructure was allocated N4.06 trillion; Health N2.4 trillion health while Education gets N3.5 trillion.
According to the President, the budget proposal has a N34.8trn revenue projection adding that out of the proposed N47.90 trillion, N15.81 trillion is for debt service with a N13.0 trillion deficit.
He further noted that, Inflation was projected to go down from 34.3% to 15% while Exchange Rate was brought down from 1700/$ to N1400/$.
Economy responding positively to my policies —Tinubu
President Bola Ahmed Tinubu says indicators have shown that the economy is responding positively to stimulus.
Tinubu, who said this while presenting the 2024 budget on today (Wednesday). before a joint session of the National Assembly, said the focus of the 2025 budget was to stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
He said Nigerians would soon experience a better and more functional economy going by the positive indicators in the aspects of global economic growth and foreign reserve.
He said, “The global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
“Our 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 US dollars, providing a robust buffer against external shocks.
“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.”
Tinubu said the goals of advancing national security, creating economic opportunities, investing in the 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”, he said
