Historic Moment: Senate Passes Tinubu’s 2025 Budget For Second Reading, Set To Reshape Nigeria’s Future

Historic Moment: Senate Passes Tinubu’s 2025 Budget For Second Reading, Set To Reshape Nigeria’s Future

The 10th Senate, under the leadership of Godswill Akpabio, has successfully passed President Bola Tinubu’s ambitious N49.7 trillion 2025 Budget for its second reading on Thursday. The budget was presented to the National Assembly by President Tinubu on Wednesday,…Historic Moment: Senate Passes Tinubu’s 2025 Budget For Second Reading, Set To Reshape Nigeria’s Future

marking a crucial step in his administration’s financial planning for the year.

Following thorough deliberations during plenary, the budget was referred to the Committee on Appropriations, chaired by Senator Solomon Adeola. The voice vote, led by Senate President Akpabio, confirmed its passage.

In his presentation, President Tinubu outlined key projections for the 2025 Budget, which includes a revenue target of ₦34.82 trillion to cover the ₦47.9 trillion expenditure plan. The budget also features a projected deficit of ₦13 trillion. Notably, substantial allocations have been earmarked for critical sectors, with ₦4.91 trillion for Defense and Security, ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.48 trillion for Health.

A significant part of the budget, totaling ₦15.81 trillion, is dedicated to debt servicing. Key assumptions behind the budget include crude oil production of 2.06 million barrels per day, an exchange rate of ₦1,500 to the US dollar, and an ambitious reduction in inflation from the current 34.6% to 15%.

In his speech, President Tinubu emphasized that his government’s ongoing economic reforms were already yielding positive results. He pointed out that Nigeria’s economy grew by 3.46% in Q3 2024, an improvement from 2.54% during the same period in 2023. Additionally, Nigeria’s foreign reserves now stand at nearly $42 billion, offering a solid cushion against potential external economic shocks.

Tinubu described the 2025 budget as both a bold and necessary step towards securing Nigeria’s future and laying the foundation for sustained socio-economic development.

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