President Bola Tinubu has presented a total budget of N49.7tn to the joint session of the National Assembly.
The budget tagged, “Restoration budget, securing peace and building prosperity.”
Tinubu noted that the budget seeks to restore macroeconomic growth and build the economy. He commended the resilience of Nigerians amid growing economic indices.
“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.”
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.”
Giving the breakdown, Tinubu stated that hat “Defence and Security will gulp, N4.91tn; Housing, N4.06tn; Health, N2.48tn and Education, 3,58tn.”
He assured Nigerians that the time for lamentation is over and the time to act is now.
Laying the budget, he said, “I hereby lay down the 2025 budget before the National Assembly, titled, ‘Restoration budget, securing peace and building prosperity.”
