2025 Budget: Economic reforms yielding positive results- Tinubu
By Kunle Sanni
President Bola Ahmed Tinubu has expressed optimism that ongoing economic reforms are yielding positive results, assuring Nigerians that the benefits will soon be felt nationwide.
Speaking during the presentation of the 2025 budget proposal to a joint session of the National Assembly, Tinubu unveiled an estimated expenditure of ₦49.7 trillion, almost ₦2 trillion higher than the ₦47.9 trillion initially announced by Minister of Budget and Economic Planning, Senator Atiku Bagudu. The adjustment followed directives from the President after Monday’s Federal Executive Council (FEC) meeting.
The budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” prioritizes key sectors: Defence and Security: ₦4.91 trillion, Infrastructure: ₦4.06 trillion. Education: ₦3.52 trillion. Health: ₦2.48 trillion
President Tinubu described the proposal as central to his administration’s Renewed Hope Agenda, emphasizing its focus on stabilizing the economy, improving citizens’ lives, and repositioning the country for sustainable growth.
“In 2025, we are targeting ₦34.82 trillion in revenue to fund the budget,” the President said, calling the plan “ambitious but necessary to secure our future.”
Key economic projections include: A decline in inflation from 34.6% to 15% by 2025. An improvement in the exchange rate from approximately ₦1,700/$ to ₦1,500/$: Crude oil production at 2.06 million barrels per day (mbpd).
Tinubu attributed these optimistic forecasts to factors such as reduced importation of petroleum products, increased exports of refined products, improved agricultural output due to enhanced security, reduced reliance on food imports, and higher foreign exchange inflows through portfolio investments.
The President concluded by reaffirming his administration’s commitment to securing peace and rebuilding prosperity, stating that the 2025 budget marks a significant step toward achieving these goals.
President Tinubu said: “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway.
