Tinubu Introduces 2025 Budget Of Restoration

Tinubu Introduces 2025 ‘Budget Of Restoration

On Wednesday, President Bola Ahmed Tinubu presented the 2025 Appropriation Bill to a joint session of the National Assembly, where he highlighted several significant aspects of his budget proposal…READ MORE…

The proposed budget, themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” seeks to stabilize the economy, create a fair business environment, and encourage inclusive growth.

Here are the 10 essential points from the President’s budget address:

1. Budget Theme: The 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” aims to stabilize the economy, enhance living standards, and set the foundation for ongoing growth aligned with the Renewed Hope Agenda.
2. Revenue and Expenditure Projections: The government anticipates revenues of ₦34.82 trillion against expenditures of ₦47.90 trillion, resulting in a budget deficit of ₦13.08 trillion, or 3.89% of GDP.
3. Economic Recovery Indicators: President Tinubu cited significant recovery signs, including a projected 3.46% growth rate for Q3 2024, a trade surplus of ₦5.8 trillion, and foreign reserves amounting to $42 billion.
4. Inflation and Exchange Rate Targets: Inflation is expected to reduce from 34.6% to 15% by 2025, while the naira’s exchange rate is predicted to improve from ₦1,700 to ₦1,500 per US dollar.
5. Budget Allocations by Sector: Key allocations within the budget include ₦4.91 trillion for defense and security, ₦4.06 trillion for infrastructure, ₦2.48 trillion for health, and ₦3.52 trillion for education.
6. Agricultural Development: A priority for the government is enhancing agriculture to ensure food security. This involves providing support and resources to farmers to increase production, reduce hunger, and lessen reliance on food imports.
7. Investment in Education and Health: The budget allocates over ₦826.90 billion for educational infrastructure, including funds for nine new higher education institutions. Additionally, ₦402 billion is designated for healthcare infrastructure, with ₦282.65 billion for the Basic Health Care Fund.
8. Infrastructure Initiatives: The Renewed Hope Infrastructure Development Fund will focus on energy, transportation, and public works projects, such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
9. Fiscal Strategy: The budget prioritizes restoring macroeconomic stability, enhancing the business climate, fostering inclusive growth, and ensuring a more equitable distribution of wealth.
10. Appeal for Unity: President Tinubu emphasized the need for collective action among Nigerians, leaders, and institutions to tackle corruption, insecurity, and economic issues, urging everyone to work together toward building a prosperous nation For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on Whatsapp