President Bola Tinubu has unveiled a N47.9 trillion budget proposal for 2025, highlighting plans to address critical economic challenges. Speaking at a joint session of the National Assembly on December 17, 2024, the president outlined an ambitious financial plan aimed at securing Nigeria’s economic future. President Bola Ahmed Tinubu described the proposal as a strategic blueprint to drive economic growth and improve the lives of Nigerians.
According to the president, the budget’s foundation lies in bold economic reforms designed to stabilize key indicators. The proposed financial framework prioritizes inflation reduction, exchange rate stabilization, and increased oil production to boost revenue. President Bola Ahmed Tinubu assured lawmakers that the government is committed to delivering a prosperous and sustainable future for the country.
Inflation Set to Drop from 34.6% to 15%
One of the standout projections in the 2025 budget is the significant reduction in inflation, which is expected to drop from the current rate of 34.6% to 15%. President Bola Ahmed Tinubu emphasized that this forecast is based on strategic government policies to address the root causes of inflation, including food insecurity and high import dependency.
President Bola Ahmed Tinubu noted that enhanced security measures, increased agricultural productivity, and reduced reliance on imported goods will contribute to achieving this ambitious target. He stressed that bringing inflation under control is critical to improving the purchasing power of Nigerians and fostering economic stability.
Exchange Rate to Strengthen Against the Dollar
Another key highlight of the budget is the projected improvement in Nigeria’s exchange rate. President Bola Ahmed Tinubu announced that the naira is expected to strengthen from approximately N1,700 per dollar to N1,500 by 2025. This optimistic outlook reflects ongoing reforms in the foreign exchange market and efforts to boost local production and exports.
The president underscored that exchange rate stabilization is crucial for attracting foreign investment, reducing import costs, and enhancing the competitiveness of Nigerian products in global markets. He expressed confidence that the proposed policies will create a more favorable business environment.
Increased Crude Oil Production as a Revenue Driver
President Bola Ahmed Tinubu revealed that the 2025 budget assumes a base crude oil production of 2.06 million barrels per day, signaling a renewed focus on leveraging Nigeria’s oil resources. This projection reflects improved security in oil-producing regions and investments in production infrastructure.
The president emphasized the importance of diversifying government revenue sources while optimizing income from oil exports. He also pointed out that reduced petroleum product importation and increased exports of refined products will significantly boost Nigeria’s foreign exchange earnings.
Food Security as a Key Priority
President Bola Ahmed Tinubu highlighted food security as a cornerstone of the 2025 budget. He explained that bumper agricultural harvests driven by improved security and reduced reliance on imported food products will play a pivotal role in stabilizing inflation and boosting economic growth.
The president stated that the government is committed to supporting farmers through access to credit, modern equipment, and agricultural innovations. These efforts aim to ensure that Nigeria achieves self-sufficiency in food production and reduces its vulnerability to external shocks.
Ambitious Yet Achievable Goals
In his address, President Bola Ahmed Tinubu acknowledged that the 2025 budget is ambitious but necessary to secure Nigeria’s future. He called on lawmakers and stakeholders to support the government’s efforts to implement these critical reforms. President Bola Ahmed Tinubu emphasized that achieving the budget’s targets requires collective resolve and strategic execution.
The president concluded by assuring Nigerians that the government is fully committed to creating an inclusive and resilient economy. “This is not just a budget; it is a call to action for a brighter future,” President Bola Ahmed Tinubu stated, urging all Nigerians to unite in pursuing the country’s shared aspirations.
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