Speaker of the House of Representatives, Tajudeen Abbas, has lauded President Bola Ahmed Tinubu’s bold economic reforms, describing them as transformative yet disruptive to entrenched interests. Speaking during the presentation of the 2025 Budget estimate to the National Assembly, Abbas highlighted the removal of fuel subsidies, foreign exchange unification, and other economic policies as laying a strong foundation for sustainable growth despite short-term sacrifices.
Abbas noted that while Nigeria’s $36.7 billion 2024 budget pales in comparison to allocations by smaller nations such as South Africa and Egypt, the administration’s efforts reflect its commitment to building a resilient economy.
However, he flagged Nigeria’s low tax-to-GDP ratio of 10.9% as a key constraint, urging urgent reforms to broaden the tax base, enhance compliance, and reduce dependency on borrowing.
The Speaker emphasized the importance of collaboration between all arms of government to achieve the proposed 2025 budget targets, which include a GDP growth rate of 4.6%, oil production at 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar. He acknowledged the public’s sacrifices due to inflation and rising living costs but urged resilience, pointing to IMF projections of 3.2% growth in 2025 as a sign of progress.
Abbas also applauded Tinubu’s international engagements, which secured significant funding, including a €300 million deal from France and a $4.2 billion grant from Brazil. These partnerships are expected to enhance infrastructure, agriculture, and digital literacy while strengthening Nigeria’s global standing.
Calling for effective communication of the administration’s achievements, Abbas reassured the public of the National Assembly’s support for the 2025 budget’s implementation. He stressed the need for transparency and accountability to ensure the budget’s success, emphasizing the collective effort required to achieve the administration’s vision for a prosperous Nigeria.
