By Temitope Mustapha, Abuja
President Bola Ahmed Tinubu has presented the sum of N49.7 trillion as the proposed budget for 2025, before the 10th National Assembly.
President Tinubu presented the appropriation bill before the joint sitting of the Senate and House of Representatives on Wednesday.
The president said the 2025 budget proposal proposes a road map to peace, prosperity, and hope for a greater future for Nigeria.
President Tinubu, who titled the 2025 budget as the “Budget of Restoration Securing Peace, Building Prosperity” affirmed that the 2025 appropriation bill strikes at the very core of the Renewed Hope agenda and demonstrates a commitment to stabilizing the economy and restoring the country for greater performance.
“The 2025 budget came at a time when Nigeria is at a crucial point in in-depth trajectory, the 2025 budget proposal proposes a road map to peace, prosperity, and hope for a greater future for Nigeria.
“This budget named Budget of Restoration, Securing peace, building prosperity strikes at the very core of Renewed Hope agenda and demonstrates a commitment to stabilizing economy and restoring the country for greater performance.”
The Nigerian Leader used the occasion to reassure Nigerians that with the 2025 budget proposal, the sacrifices of Nigerians in the past 18 months will not be in vain.
“The journey of economic revamp which began 18 months ago is not a journey of our chosen but one we have to embark on to have greatness and I thank every Nigerian for embarking on road to reform with us.
“As President of Nigeria, this less travelled road has not been easy, there have been difficulties, as your President I assure you that the sacrifices of Nigerians will not be in vain We must keep faith with the process to achieve collective desire and transformation.”
He further added that the 2025 budget is that of restoration that seeks to consolidate key policies already instituted by his administration.
He also assured that the 2025 budgetary proposal will further empower the Nigerian economy, boost human capital development, re-activate the manufacturing sector, and increase the combativeness of the nation’s economy.
The President also reported to the National Assembly that the Nigerian economy is responding positively to stimulus and that the 2025 budget will further stimulate the economy.
“I report today that our economy is responding positively to stimulus.”
He assured that Nigerians will soon experience a better and more functional economy.
“The reforms are beginning to yield results not reversal, Nigerians will soon experience a better and more functional economy.”
President Tinubu announced that Nigeria’s economy has significantly grown by 3.46 percent despite a global projection of 3.2 percent, which was projected to be 3.2 percent for the year 2024.
“Nigeria has made significant progress. Nigeria’s economy grew by 3.46 percent that is 3.5 of year 2024 up from 2.5 percent in the third quarter of 2023.
“Our foreign reserves now stand at nearly 42 percent dollars from negatives inherited. Our rising export now stands at 5.8trn naira,” the President quoted NBS.
Philosophy of 2025 N49.7trn budget
President Tinubu said the submitted 2025 proposed budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth employment and poverty reduction as well as improve human capital development.
Giving an overview of the 2025 budget proposals, President Tinubu said the financial document tells bold stories of the direction of his administration to revamp the socio-economic fabric of Nigerian society.
The 2025 budget has a revenue projection of N34.820t, expenditures of N47.960t, and a deficit of 13.13%.
The framework projected a Gross Domestic Product (GDP) growth rate of 4.6%, and crude oil price of $75 per barrel, as well as an exchange rate of N1400 to $1, and oil production of 2.06 million barrels per day.
The Executive Council had approved oil production of 2.06 million barrels per day for the 2025 budget, following significant gains in security to support domestic production and a capital component of 33%, amongst the other assumptions.
Key Priorities
The budget highlights include defence and security 4.91trn, Infrastructure 4.06trn, health 2.48trn, education N3.5trn amongst others.
This budget reflects a renewed commitment to strengthening the foundation of the economy.
Security of the foundation of all progress significantly increases funding for security, police, and para-military.
On Monday, the Federal Executive Council (FEC), approved the 2025 appropriation bill of N47.9trn, which has now been presented to the National Assembly.
2024 Budget Implementation So Far
President Tinubu disclosed to NASS that his administration attained a remarkable milestone in implementing the 2024 budget with N14.55tn in revenue, indicating 75 percent of the target in 3rd quarter and expenditure of 85 percent of the government’s targets also in the third quarter.
The President had disclosed that the 2024 budget as of September 2024, reached 75% implementation.
“Our administration attained remarkable milestone in implementing 2024 budget, we have 14.55tn in revenue, indicating 75percent of our target in 3rd quarter…expenditure of 85percent of our target in the third quarter while revenue persists.”
President Tinubu however described the 2025 budget as an ambitious but necessary budget to secure the future of Nigeria as he affirmed that it will help tame inflation and reduce importation of Petroleum products as well as reduce reliance on food importation.
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