President Bola Tinubu while presenting the 2025 budget proposal to the National Assembly, outlined plans to tame inflation, stabilize the exchange rate and tackle some of the country’s economic challenges.
The N47.9 trillion budget forecasts a significant decline in inflation, from 34.6% to 15%, and an improvement in the exchange rate, from N1,700 to N1,500 per dollar.
Tinubu said that this budget is crucial for securing Nigeria’s future, citing observations such as reduced petroleum products importation, increased export of finished petroleum products, and enhanced security driving bumper harvests. These factors, he believes, will reduce reliance on food imports and boost economic growth.
The budget allocates N4.91 trillion to defence and security, N4.06 trillion to infrastructure, N2.4 trillion to health, and N3.5 trillion to education.
It can be recalled that the National Bureau of Statistics recently reported a 34.60% inflation rate in November 2024, up from 33.88% in October 2024. Food inflation rates are particularly concerning, at 39.93% year-on-year.