President Bola Tinubu says the Federal Government targets N34.82 trillion revenue to fund the N49.7 trillion 2025 budget.
Tinubu said this while presenting the 2025 budget to a joint session of the National Assembly in Abuja on Wednesday, December 18, 2024.
The president stated that the budget reinforced his administration’s roadmap to securing peace, prosperity and hope for the greater future of Nigerians.
He said the federal government’s expenditure was projected to be N47.9 trillion, including N15.81 trillion for debt servicing.
“A total of N13.08 trillion or 3.89 per cent of GDP will make up the budget deficit,” he said.
Tinubu listed highlights of the 2025 budget allocations to include defence and security: N4.91 trillion; infrastructure: N4.06 trillion; health: N2.48 trillion; and Education: N3.52 trillion.
Tinubu added: “This is an ambitious but necessary budget to secure our future. The budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year.
“The exchange rate will improve from approximately N1,700 per dollar to N1,500 and a base crude oil production assumption of 2.06 million barrels per day.
FG, States, LGs share N1.727trn November revenue
“The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
“Global economic growth for the outgoing year 2024 was projected at 3.2 per cent and, against predictions, our country made significant progress.
“Our economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023.
“Our foreign reserves now stand at nearly 42 billion dollars, providing a robust buffer against external shocks.
“Our rising exports are reflected in the current trade surplus, which now stands at N5.8 trillion according to the National Bureau of Statistics (NBS).
“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impacts of deliberate policy choices we made from the outset.”
Tinubu further stated that his administration attained remarkable milestones in implementing the 2024 budget, adding that N14.55 trillion was generated in revenue, meeting 75 per cent of its target as of the third quarter.
He said the 2025 budget would restore macro-economic stability, enhance the business environment, inclusive growth, employment and poverty reduction as well as promote equitable income distribution and human capital development.
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