December 18, (THEWILL) – President Bola Tinubu has assured Nigerians of a brighter future, emphasizing that the economic reforms initiated by his administration are already yielding positive outcomes.
He highlighted improvements in security, education, healthcare, and a significant Gross Domestic Product growth of 3.46% in the third quarter of 2024.
The President gave this assurance while presenting the 2025 Appropriation Bill of N47.9 trillion to a joint session of the National Assembly in Abuja.
Tinubu attributed the progress to the resilience and support of Nigerians, who have borne the weight of necessary reforms.
The N47.9 trillion budget proposal represents a 35% increase from the N28 trillion budget of 2024.
Dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” it aligns with the administration’s Renewed Hope Agenda to stabilise the economy, improve livelihoods, and foster inclusivity in development.
Tinubu said, “This budget reinforces our commitment to peace, prosperity, and hope for a greater Nigeria.
“It reflects our resolve to stabilize the economy, enhance lives, and reposition the country for greater achievements.”
Tinubu outlined that the budget would prioritize education, healthcare, and security while consolidating policies aimed at bolstering human capital development, trade, investment, oil production, and manufacturing.
Tinubu noted that Nigeria’s economy is gradually rebounding, driven by targeted fiscal stimuli and deliberate reforms.
“Our economy grew by 3.46% in the third quarter of 2024, up from 2.54% in the same period in 2023. Foreign reserves now stand at nearly $42 billion, while our trade surplus has reached N5.8 trillion,” he stated.
He praised the resilience of Nigerians, assuring them that ongoing reforms would not be reversed but strengthened to solidify the economy’s foundation for sustainable growth.
The budget targets N34.82 trillion in revenue, with government expenditure projected at N47.90 trillion.
Tinubu outlined the administration’s ambition to reduce inflation from 34.6% to 15%, stabilize the exchange rate at N1,500 per dollar, and increase crude oil production to 2.06 million barrels per day.
Senate President Godswill Akpabio commended Tinubu’s bold efforts in rebuilding the economy, describing him as a “national treasure.” Akpabio pledged legislative support for the administration’s reforms and announced an extension of the 2024 budget implementation until June 2025.
Speaker of the House of Representatives, Tajudeen Abbas, lauded the proposed tax reforms, emphasising their potential to enhance equitable revenue collection and provide relief for vulnerable Nigerians.
Tinubu concluded by urging Nigerians to remain steadfast, expressing confidence that the collective sacrifices would pave the way for a prosperous and inclusive future.
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