President Bola Tinubu, on Wednesday, assured Nigerians of a better and stronger economy, adding that the tax reforms are yielding results.
Tinubu made this remark while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.
He said, “I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages, public expenditure, and specific non-inflationary spending. The reforms we have instituted are beginning to yield results, with no reversals.”
He added that Nigerians would soon experience a better and more functional economy, affirming that the global economic growth for the outgoing year was 2.0 percent.
The President said, “For 2024, it was projected at 3.2 percent, and contrary to predictions for our country, we have made significant progress. Our economy grew by 3.46 percent. The improvements we achieved in the 2024 budget have laid the groundwork for the 2025 budget.”
The budget, which was christened the 2025 Budget of Restoration, according to the president, would restore macroeconomic stability as security, infrastructure, and education top the ₦47.9tn 2025 ‘Restoration Budget’ presented by President Tinubu.
Security and defence, infrastructure, health, and education were some of the sectors with high allocations in the N47.9tn budget proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly the 2025 Budget of the National Assembly of Nigeria titled, ‘The Restoration Budget: Security, Peace, Building, and Prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10 pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security—N4.91tn, infrastructure—N4.06tn, health—N2.4tn, education—N3.5tn, among others.
“The 2025 budget seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction, and promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be N47.90tn, including N15.81tn for debt servicing.
“A total of N13.0tn, or 3.89% of GDP, will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025), while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”
Tinubu’s 2025 N47.9tn budget proposal was about N20tn higher than that of 2024. In December 2023, Tinubu presented the 2024 budget proposal of N27.5tn, his first, before the National Assembly. The Senate increased the bill by N1.2tn and approved N28.7tn for the 2024 budget.
For the 2025 budget, the President pegged crude oil production at 2.06 million barrels per day for 2025. He also projected that the importation of finished petroleum products would reduce in 2025 while the exportation of refined petroleum products would increase.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians are fed and not going to bed hungry.
In his call for action, Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
“Our nation faces existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must rewrite the narrative of this nation.
“The time for lamentation is over. The time to act is now.”
