President Bola Ahmed Tinubu addressed a joint session of the National Assembly on Wednesday, unveiling a national budget of N47.96 trillion for the year 2025.
During his presentation, President Tinubu articulated that this budget was crafted with careful consideration of the current economic landscape and has the potential to foster prosperity in Nigeria in 2025, provided it is executed effectively.
He noted that the budget aims to build upon the essential policies established by the Federal Government.
Tinubu acknowledged the resilience demonstrated by Nigerians amidst economic difficulties, expressing confidence that the 2025 budget would harness this spirit to stimulate economic growth.
He also highlighted the advancements made in infrastructure and security during his administration.
Tinubu said: “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 emphasized that the nation’s economic stimulus proved effective in 2024, with the economy experiencing growth of 3.46 per cent in the third quarter, an increase from 2.54 per cent in the same period of 2023.
He also pointed out the positive trend in the economy by stating that Nigeria’s foreign reserves have approached nearly $42 billion, which serves as a safeguard against external disruptions.
“Our rising exports are reflecting the current trade surplus, which now stands at N5.8 trillion, according to National Bureau of Statistics,” he added.
Sector debate on the budget by legislators in both chambers of the National Assembly is expected to commence immediately, baring any last-minute change in plans.
