By Enyichukwu Enemanna
Nigeria’s President has presented the 2025 budget proposal, where he told a joint session of the National Assembly that indicators have shown that the economic policies of his administration are making a positive impact on the masses.
President Bola Tinubu, at the presentation of the record N47.9 trillion ($30bn) budget on Wednesday, said the focus of the 2025 budget is to stimulate the economy through the implementation of targeted fiscal stimulus packages, public expenditures, and specific non-inflationary spending.
He stated that Nigerians would soon experience a better and more functional economy, based on the positive indicators in aspects such as global economic growth and foreign reserves.
Tinubu had announced the removal of the fuel subsidy upon assumption of office in 2023, a development that led to inflation. This was followed by the unification of the exchange rate—twin policies that analysts said pushed more Nigerians into poverty.
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.
According to the Nigerian leader, the budget proposal includes a N34.8 trillion revenue projection.
Debt servicing will absorb the sum of N15.81 trillion in the 2025 Appropriation Bill, while N13.0 trillion is earmarked for the deficit.
Additionally, Defence/Security has been allocated N4.91 trillion, Infrastructure N4.06 trillion, Health N2.4 trillion, and Education N3.5 trillion.
He further noted that inflation is projected to decrease from 34.3% to 15%, while the exchange rate has been reduced from N1700/$ to N1400/$.
Tinubu’s 2025 N47.9 trillion budget proposal is about N20 trillion higher than that of 2024.
In December 2023, Tinubu presented the 2024 budget proposal of N27.5 trillion, his first, before the National Assembly.
The Senate increased the bill by N1.2 trillion and approved N28.7 trillion for the 2024 Budget.
