President Bola Tinubu on Wednesday presented a ₦49.7 trillion budget proposal to a joint session of the National Assembly.
Tagged the “Restoration Budget: Securing Peace and Building Prosperity,” the budget aims to restore macroeconomic growth and strengthen Nigeria’s economy.
During the presentation, Tinubu acknowledged the resilience of Nigerians in the face of challenging economic conditions and emphasised the government’s commitment to fostering sustainable development.
“In the year 2024, it was projected at 3.2%, and against predictions of our country, we have made significant progress. Our economic economy grew by 3.46%. The improvement we have witnessed in the year 2024 budget has led all of us into the 2025 budget,” he began.
The president told the joint Assembly of the National Assembly that inflation will decline according to the budget projections.
He also pledged a reduction in foreign exchange.
He said, “The budget projects inflation will decline from the current rate of 34.6% to 15% next year. The exchange rate will improve from approximately N1700 per dollar to N1500 and the base crude oil production assumption of 2.06 barrels per day.
“The projections are based upon the following observations. Reduce the importation of petroleum products alongside increased exports of finish, petroleum products, and bumper harvest, driven by enhanced security, reducing reliance on food imports, and increasing foreign exchange influence through foreign portfolio investments.
“I have crude oil output an export coupled will substantial reduction and upstream oil and gas production costs.”
Tinubu stated that “defence and security will gulp N4.91trn; housing N4.06trn; health N2.48trn and education 3.58trn.”
