Wale Jagun
President Bola Tinubu on Wednesday, presented the sum of N47.960 trillion to the joint session of the National Assembly, as the proposed budget for 2025.
The budget tagged, “Restoration budget, securing peace and building prosperity’, noting that the budget seeks to restore macroeconomic growth and build the economy.
The budget highlights include defence and security 4.91trn, Infrastructure 4.06trn, health 2.48trn, education N3.5trn amongst others.
According to Tinubu, the budget, “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 said that it would consolidate on key polices of the Federal Government.
He said that Nigerians have shown resilience in the face of economic challenges, hence, he believed that the 2025 budget would leverage on that spirit to drive economic growth.
“We do not intend to depart from the critical path to strengthen the 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 re-orientation form the core of the 2025 budget.”
Tinubu noted that the economic stimulus of the nation worked in 2024, as the economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
He further highlighted the growth in the economy by asserting that Nigeria’s foreign reserve has hit nearly $42 billion, providing buffer against external shocks.
“Our rising exports are reflecting the current trade surplus, which now stands at N5.8 trillion, according to National Bureau of Statistics,” he added.
